China is dominating the global battery market in the electric vehicle industry. 

Six of the world's top ten EV battery makers are Chinese, make up more than half of the world market share. 

Chinese battery producers CATL and BYD alone accounted for 46 percent of that figure in 2022.

That has precipitated a slew of support companies that offer intelligent factory solutions and equipment for battery manufacturers. 

But competition is fierce, both in terms of development and raising capital. 

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"We raised $173 million by issuing global depositary recipes," says Liu Wei from Chinese tech company Zhejiang Hangke. "The money is used solely for developing overseas markets, housing manufacturing capabilities and optimizing after sales services."

That was the first listing in 2023 under the current stock net program between China and Switzerland, launched in July last year. 

It allows companies trading on exchanges in either country to look for secondary listings on the other side by issuing global depositary recipes (GDRs). 

"So far we have ten Chinese companies that listed our GDRs on our exchange, raising about $3.4 billion," says Juerg Schneider, head of media relations for SIX, Switzerland's principal stock exchange.

The Swiss exchange has far surpassed its rivals in London and New York for Chinese listings. Wall Street's NYSE in 2022 only raised 470 million to SIX's $3.2 billion. 

Hangke chose Switzerland for its fast-track listings process, like many companies who have a wide network of European business partners. 

But the focus on Switzerland is also part of ongoing unresolved trade tensions between China and the U.S. 

"When there is tension rising between these three economies, then many of the Chinese businesses will start to seek different markets, especially those markets that are not directly following the foreign policy of the U.S.," says Chen Jiahe, Chief Investment Officer of Novem Arcae Technologies. 

Twenty Chinese companies are now considering issuing GDRs in 2023. And that could increase if the stock net program expands to Germany. 

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