Government News
Chinese E-Broker East Money Gains on Plan to Go Public in Switzerland 2022-11-02
Shares in East Money Information advanced today after China’s biggest internet-based securities firm said that it plans to list on the Six Swiss Exchange, which would make it the first Chinese brokerage to go public in Switzerland.
East Money plans to issue a maximum of 661 million new shares in Shenzhen, equivalent to no more than 5 percent of the firm’s total share capital, which it will then convert into global depositary receipts to be publicly traded on the Swiss bourse, East Money said yesterday.
The proceeds will be used to expand East Money’s wealth management products and services, boost investment in R&D and extend its overseas network, the Shanghai-based brokerage said. No mention was made of the amount to be raised.
East Money logged a 5.8 percent jump in net profit in the first three quarters from the same period last year to CNY6.6 billion (USD902.2 million), while revenue dipped 0.8 percent to CNY9.6 billion, according to its latest financial report.
In February, China’s securities regulator expanded the scope of its cross-border stock connect mechanisms, already in play in Hong Kong and London, to include Switzerland and Germany. Since then, six mainland-listed firms, including battery raw materials supplier Ningbo Shanshan, have gone public in Zurich and more than a dozen are lining up to do so.
Application Status
| 04-16 | 21315227 | Processing |
| 03-12 | 21315226 | Processing |
| 09-26 | 21315225 | Processing |
Inquiry Status
| 02-29 | 02131558 | Received |
| 03-06 | 02131557 | Received |
| 11-14 | 02131556 | Received |
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