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China Pacific Insurance eyes GDR issue on Shanghai-London stock connect

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China Pacific Insurance eyes GDR issue on Shanghai-London stock connect

China Pacific Insurance (Group) Co. Ltd. is planning to issue global depository receipts on the Shanghai-London stock connect segment of the London Stock Exchange.

The Hong Kong- and Shanghai-listed company said Sept. 24 that the GDR issuance will comprise up to 628,670,000 shares and no more than 10% of the company's A-share count prior to the issuance. It said the move would help the insurance group to attract international investors and improve its global influence.

The conversion rate and price of the notes are subject to further discussion among board members, the company said.