China Pacific Insurance (Group) Co has been successfully listed and commenced trading on the Shanghai segment of the main market of the London Stock Exchange with an issue price of $17.60 per global depositary receipt (GDR).
The issuance of GDRs raised $1.8bn, making this the biggest fundraising exercise in London since June 2017, reported Reuters. The company is the first Chinese insurer to tap the Shanghai-London Stock Connect and to become the first Shanghai-Hong Kong–London listed Chinese insurance company.
“The listing will support our expansion into new markets and facilitate the company in introducing high-quality investors around the world,” said Mr Kong Qingwei, chairman and executive director of China Pacific.
The price range for the GDRs was set previously in a range of $17.60-$19.00 per GDR. The GDRs issued represent 514m A-shares of the company. Global reinsurer Swiss Re bought 28.9m GDRs in the offer.
The London-Shanghai Stock Connect scheme was launched in 2018 to allow Shanghai-listed companies to add a secondary listing in London and vice versa.