China Pacific Insurance files to float on the LSE
China Pacific Insurance has unveiled plans to float on the London Stock Exchange in a move that will make it the first Chinese insurer to list simultaneously in Shanghai, Hong Kong and London.
The insurer said it has obtained approval from the China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission as well as domestic and overseas regulatory authorities to list Global Depositary Receipts (GDR) on the exchange.
The GDR issuance of China Pacific Insurance will become the second westbound issuance under the Shanghai-London Stock Connect, marking a material advancement in the bilateral cooperation of the China's and UK's capital markets, and another milestone in the globalization of China's capital market.
According to the Intention to Float, China Pacific Insurance intends to issue up to 113,160,600 GDRs with each GDR representing 5 A shares of the company. The GDR issued is expected to be listed in the UK and traded on the Shanghai-London Stock Connect segment of the Main Market of the London Stock Exchange.
The company said the move will help it further optimise its shareholding structure, corporate governance, and expand its international presence. “The GDR issuance will not only be an important milestone at China Pacific Insurance's 29th anniversary, but will also effectively promote economic and trade cooperation between China and the UK, and fully demonstrate the opening up of China's capital market to the world,” it said.
