IPO and listing in Switzerland

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A Swiss listing gives a company access to one of the deepest pools of private and institutional capital in Europe, a stable currency and a well-regarded regulatory label. Since 2022 Chinese companies can also list global depositary receipts on SIX Swiss Exchange.

The exchanges

SIX Swiss Exchange in Zurich is the main market, with several regulatory standards for equity. BX Swiss in Bern serves smaller companies. Each exchange sets its own listing rules, which regulate free float, track record, financial reporting and ongoing duties.

The prospectus

A company that applies for admission to trading must publish a prospectus (Art. 35 para. 1 FinSA). It must be reviewed and approved by a reviewing body before publication (Art. 51 para. 1 FinSA). Prospectuses approved abroad can be recognised under simplified conditions (Art. 54 FinSA).

Duties after listing

Ad hoc publicity for price-sensitive facts under the listing rules of the exchange.
Disclosure of shareholdings when a holding reaches, exceeds or falls below 3, 5, 10, 15, 20, 25, 33⅓, 50 or 66⅔ per cent of the voting rights (Art. 120 para. 1 FMIA).
Takeover law: anyone who acquires more than 33⅓ per cent of the voting rights must make an offer for all listed shares, unless the articles raise or exclude the threshold (Art. 135 FMIA).
Insider trading and market manipulation are prohibited (Art. 142 f. FMIA) and criminal offences (Art. 154 f. FMIA).

GDR listings for Chinese companies

Under the China-Switzerland stock connect, companies listed in Shanghai or Shenzhen have been able to list global depositary receipts on SIX Swiss Exchange since July 2022. A GDR listing raises capital in Europe without a full second listing and brings international investors into the shareholder base.

What pays off in practice

Plan the prospectus and the reviewing body's timetable together; approval sets the date of the offering.
Clean up the corporate structure beforehand: capital contribution reserves, share classes and board composition are much harder to change after listing.

For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of September 2026.

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Contact

Dr Alexander Ressos, TEP

Rechtsanwalt/Attorney-at-Law

I am a Swiss attorney-at-law and also admitted as a solicitor in Hong Kong and in England & Wales, with almost 25 years of experience.

Together with my multilingual team, including Chinese, Japanese, Korean, Russian, Ukrainian and French native speakers, I advise companies and their owners from around the world on the full range of banking, corporate, commercial and tax law matters in Switzerland, including international tax planning, fiduciary services, and legal family office services including immigration & relocation or real estate investments. My practice has a particular focus on clients from growth and frontier markets in Greater China, Central Asia and the Caucasus, the rest of Asia, the Middle East, Africa and Latin America, and I equally advise clients from Europe and North America. Through an affiliated Swiss trust company, we also take care of the incorporation and ongoing administration of their companies and other structures, including accounting, tax returns and corporate secretarial services, and I serve as a professional director where required. With the support of a network of first-class cooperation partners, I also implement solutions worldwide.

My approach is to act as a trusted advisor who works directly with decision-makers, on an equal footing: I start from what you want to achieve and shape every structure, contract and tax decision around your commercial goals and how it improves your after-tax return. As “lawyers who make it happen”, my team and I stay involved until your company is set up, your structure is in place and your transaction has closed, and we remain available for any follow-on work that may be required. You benefit from bespoke solutions and personal attention, and sound, friendly and practical advice. We are not the lowest-cost provider in the market, nor do we intend to be; our aim is to deliver well-founded, proper solutions and excellent value for money.

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