GEM Co Ltd, a battery and material recycler, also completed a share sale in Switzerland, raising $346 million.

Gotion sold 22.83 million global depository receipts (GDRs), which each represent five China-listed A-shares, at $30 each, a 3.5% discount to its A-share close of 42 yuan ($6.22) on Monday, according to its filings to the Shenzhen Stock Exchange on Tuesday.

Gotion makes lithium-ion power batteries used in electric vehicles and counts Volkswagen AG as a strategic partner.

The deal is the biggest recently for Chinese companies turning to the Swiss exchange to carry out listings and raise capital.

GEM sold 28.18 million GDRs at $12.28 each, according to its regulatory filings on Tuesday.

Two other firms, Keda Industrial last week raised $173 million and Ningbo Shanshan raised $319 million in two Swiss deals.

Gotion has previously said it would use the proceeds from the Swiss listing to fund global expansion.

Shanghai-listed Sany Heavy Industry Co and Lepu Medical Technology (Beijing) Co said in filings in March they were planning to sell GDRs in Switzerland to raise cash.

Both companies also said they were answering government calls to strengthen connectivity between Chinese and European capital markets, and that listing overseas would help broaden financing channels and improve corporate governance.

Chinese offshore listings, especially in the U.S., have ground to a halt since Didi Global Inc's New York listing on June 30, 2021, that triggered Beijing's regulatory backlash over data security concerns.

Regulatory uncertainty combined with China's tech crackdown has contributed to a 90% decline in Hong Kong's listing volumes so far this year, compared to 2021, according to Refinitiv data. [nL3N2X51AR}

The China Securities Regulatory Commission (CSRC) is also working on final rules that will increase the scrutiny that Chinese firms wanting to list overseas will face.

(Reporting by Scott Murdoch in Hong Kong and Jason Xue in Shanghai; Editing by Christian Schmollinger)