06.17.2020

Shanghai-London Stock Connect Admits CPIC

  • CPIC raises US$1.8 billion (prior to any exercise of the over-allotment option) / US$2.0 billion (assuming full exercise of the over-allotment option) through listing of GDRs in London on the Shanghai-London Stock Connect Segment (Shanghai Segment) of London Stock Exchange
  • Largest capital raise via an admission to London Stock Exchange in 2020 to date
  • CPIC has been admitted to trading on the Shanghai Segment of London Stock Exchange’s International Order Book
  • Shanghai-London Stock Connect is the first ever fungible cross-listing mechanism enabling international investors to access China’s A-shares from outside Greater China

London Stock Exchange today welcomes China Pacific Insurance (Group) Co., Ltd. (CPIC) as an issuer utilising Shanghai-London Stock Connect. CPIC raised US$1.8 billion (prior to any exercise of the over-allotment option) / US$2.0 billion (assuming full exercise of the over-allotment option) through the sale of global depositary receipts (GDRs). The proceeds will be used to support CPIC’s global expansion. The issuance is the largest capital raising via an admission to London Stock Exchange in 2020 to date.

CPIC has been admitted to trading on the Shanghai Segment of the Main Market of London Stock Exchange. Shanghai-London Stock Connect provides the only access to China’s A-Shares on an exchange outside Greater China using international trading and settlement practices. Trading of GDRs is available on London Stock Exchange’s International Order Book. London Stock Exchange is home to over 2,000 issuers from more than 100 countries.

Kong Qingwei, Chairman of the Board of Directors and Executive Director, CPIC:
“Shanghai-London Stock Connect provides a distinctive opportunity to gain access to international investors through listing GDRs in London. The listing will support our expansion into new markets and facilitate the company in introducing high-quality investors around the world, enriching the composition of shareholders, solidifying the capital base and further bolstering our global presence. The successful issuance and admission of CPIC GDRs in London will not only serve as a milestone in the company’s history, but also become a symbolic event of mutual trust, support, connect and interaction between the East and the West.”

Nikhil Rathi, CEO, London Stock Exchange plc and Director of International Development, LSEG:
“We are pleased to welcome China Pacific Insurance Company, one of the world’s largest insurance companies, to be admitted to trading through Shanghai-London Stock Connect. The listing demonstrates how Shanghai-London Stock Connect has been promoting the collaboration between two of the world’s largest and most vibrant capital markets. It enables established Chinese issuers to raise capital from London’s global liquidity pool and allows global investors to participate in China’s A-share market from outside Greater China.”

Source: LSEG

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