(Yicai Global) Oct. 12 -- China's Gotion Hi-Tech, a Volkswagen-backed battery maker which completed a mega share offering in Switzerland in July, will partner with a unit of state-owned China National Machinery Industry to sell its battery products abroad. Both firms' shares surged.

Gotion's stock price [SHE: 002074] closed 8.1 percent higher at CNY33.84 (USD4.70).

Sumec Group [SHA: 600710], an electromechanical equipment trading arm of China National Machinery Industry, also known as Sinomach, closed up 6 percent at CNY5.85 (US 80 cents).

The two sides agreed to promote the sales of Gotion’s battery products and provide green energy solutions for both industrial and retail clients overseas by using Sumec‘s sales network and product integration capabilities, the Hefei-based electric vehicle battery company said in a statement yesterday. The sales target is 10 gigawatt-hours for the next three years, it added.

Sumec will also leverage its financing capabilities overseas to help Gotion raise funds for its new manufacturing projects.

Gotion carried out its USD685 million secondary listing on the Six Swiss Exchange in late July, the largest public offering on the principal bourse of Switzerland in 2022 at that time. After the equity sale, Volkswagen Group China remained the largest shareholder of Gotion with its 24.8 percent stake. Citibank became the third-largest stockholder with a share of 6.4 percent.

Editor: Emmi Laine, Xiao Yi