A Brief Guide to Listing Swiss Global Depository Receipts

Summary

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• The listing eligibility requirements and conditions for maintaining listing are more flexible than those in Hong Kong, the United States and mainland China.
• Under the China-Switzerland Stock Connect scheme, PRC companies could have access to Swiss capital markets by listing GDRs on SIX.
• The listing process of Swiss GDR is fast and efficient and post-listing maintenance fees are modest.

Global depository receipts (GDRs) are a new product for the SIX Swiss Exchange (SIX). The listing of GDRs on SIX has been possible since 2007, but there has been no precedent until the launch of the China-Switzerland Stock Connect scheme in 2022.

Swiss and PRC regulators, and stock exchanges have been working closely to establish the China-Switzerland Stock Connect scheme since 2019. The China Securities Regulatory Commission (CSRC) expanded the stock-connect scheme to the United Kingdom, Swiss and German markets in February 2022. Swiss regulators reviewed and amended the regulatory framework for GDRs, which came into force on 25 July 2022. By the end of October 2022, six Chinese companies listed their GDRs on SIX, and more than 20 Chinese listed companies have already announced their intention to go public in Switzerland.