Source: asiainsurancereview.com

China Pacific Insurance Group (CPIC) has been successfully listed and commenced trading on the Shanghai segment of the main market of the London Stock Exchange.

With an issue price is $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 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 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 London-Shanghai Stock Connect scheme was launched in 2018 to allow Shanghai-listed companies to add a secondary listing in London and vice versa.

“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.