On July 20, the Zurich-based SIX Swiss Exchange, approved the Chinese company GEM to issue global depository receipts (GDR) and to be listed on the SIX. With this IPO, the company, which is listed on the Shenzhen Stock Exchange in China and is active in the field of urban mining, is seeking to support European projects for the production of power batteries, further details of which can be found in a press release.
According to the press release, GEM intends to support its projects in Europe as the “birthplace of circular economy” to recycle power batteries and for the production of materials that form the basis of the development of power batteries. In addition, GEM will seek to promote the development and operation of nickel mining projects as a battery resource, secure international growth, strengthen its international financing channels and further expand the influence of its global brand.
After GEM’s IPO application was approved by the SIX Swiss Exchange, this has “undoubtedly opened a green channel for Chinese enterprises to enter European capital markets”, the press release states.
GEM plans to build a world-class industrial base for the circular economy in the field of new energies in Hungary that leads the way across Europe. Hungary and GEM intend to cooperate in the production of high-nickel precursors for new energy vehicles and the recycling of scrap power batteries. According to the press release, the company and the Hungarian Consulate General in Shanghai agreed on this as part of a Memorandum of Understanding that was signed by the two parties in May.