(Bloomberg) -- Chinese companies are exploring Germany as a fundraising venue, in a move that could reinvigorate the European market for their global depositary receipts.

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Two companies are getting ready to test the waters. Renewable-energy firm Sungrow Power Supply Co. is planning to seek as much 4.88 billion yuan ($680 million) in Frankfurt through the sale of GDRs, it said last month. Solar-panel maker JinkoSolar Holding Co. announced an offering of as much as 4.5 billion yuan of the receipts in a Shanghai-listed unit.

The China Securities Regulatory Commission said in a statement to Bloomberg this week that it supports a “stable and orderly” deepening of the connection between the Shanghai and Shenzhen exchanges with global markets. The regulator highlighted the memorandum of understanding that was signed Nov. 6 between the Chinese and German exchanges over depositary receipts.

The plans from Sungrow and JinkoSolar underscore how the renewable-energy sector has appeal in both Germany and China, said Lerong Lu, a reader in law at King’s College London who has researched GDRs.

“It’s a win-win situation for both countries’ industrial cooperation and financial markets,” Lu said. For Chinese companies, the fundraising route offers a simpler path to get cash and boost their international profile than tapping US capital markets, given the uncertainty triggered by Donald Trump winning a second term as president, he added.

The Shanghai-London Stock Connect debuted in 2019, expanding in 2022 to include Switzerland, Germany and Shenzhen.

Despite several Chinese GDR listings in recent years, the stock link has achieved limited traction among European issuers. British bank HSBC Holdings Plc studied a listing in mainland China around the time London’s Stock Connect program was established, but the plans never materialized.

Success in Europe is no certainty. Listings by Chinese firms in Switzerland surged before the CSRC held up approvals due to concerns about arbitrage, Bloomberg News reported in March 2023. Chinese investors were scooping up the GDRs and converting them into shares in their home market to profit from persistent price gaps, with little to no interest from European investors.