China's Joincare Pharmaceutical plans Swiss listing

SHANGHAI : Joincare Pharmaceutical Group Industry Co said on Thursday it plans to list on the Swiss stock exchange in a bid to broaden financing channels and ramp up its global expansion.

Joincare's plan to issue Global Depository Receipts (GDRs) on the SIX Swiss Exchange, disclosed in an exchange filing, makes it the latest Chinese company to tap a cross-border investment channel linking China and European markets.

Late last year, China broadened a stock connect scheme linking Shanghai and London, to include capital markets in Germany and Switzerland.

Chinese companies including Sany Heavy Industry Co, Gotion High tech Co and Lepu Medical Technology (Beijing) Co have already disclosed plans to join the scheme.

Shanghai-listed Joincare said on Thursday that listing in Switzerland would help it "expand international financing channels, lift global image and branding, and meet the company's need for global business development."

The plan will enhance the company's competitiveness, and is also in line with the Chinese government's call to tap resources in global markets, Joincare added.

The company said the fundraising size is still under discussion, while the proposal requires approval from shareholders as well as Chinese and Swiss regulators.

Joincare has picked Citic Securities to lead the offering, which could raise about $300–400 million, IFR reported, citing sources.