Global Depository Receipts (GDR) in China Pacific Insurance Co (CPIC) opened to little change on Wednesday on their first day of conditional trading on the London-Shanghai Stock Connect program in a listing that raises 1.8 billion U.S. dollars. China Pacific Insurance Co., Ltd. known as Pacific Insurance, is a Chinese insurance company. Focusing on insurance as its core business, CPIC achieved balanced growth across life and health insurance business, property and casualty insurance business, and investment management business, and built a leading position in the industry through top quality insurance services and asset-liability management.
"We hope by drawing in more institutional investors, we can improve our corporate governance structure and make our board more international. It was established on the basis of the former China Pacific Insurance Corporation, which was founded in 1991 approved by the People's Bank of China. The Chinese insurer said it plans to offer 113.2 million GDRs and that the final offer price will be announced following a book-build process. The deal is still pending approvals from domestic and British securities regulators as well as exchange operators in Shanghai and London.Copyright © 2019 Caixin Global Limited. The placing will raise gross proceeds of £20.0 million for Elixirr which the company intends to use to accelerate its expansion into new markLondon Stock Exchange Group (‘LSEG’) today welcomes China Pacific Insurance (Group) Co., Ltd. (‘CPIC’ or ‘the Company’), a leading insurance group in China, as the Company begins trading through Shanghai-London Stock Connect.
The GDR issued by China Pacific Insurance is the second project rolled out under the Shanghai-London stock connect mechanism, which was launched on June 17, 2019. By Huw Jones and Abhinav Ramnarayan. [Photo by Wang Qiming/for China Daily] China Pacific Insurance (Group) Co Ltd successfully issued Global Depository Receipts on the London Stock Exchange on Wednesday, making it the first Chinese mainland insurer to be listed in Shanghai, Hong Kong and London simultaneously. CPIC Group is the second largest property insurance company and the third largest life insurance company in Mainland China.
A pedestrian passes by an outlet of China Pacific Insurance Co Ltd in Changzhou, Jiangsu province. CPIC has a leading market position in China and is widely recognised throughout the world as a top player in the insurance industry. China Pacific Insurance Group Co. is moving closer to issuing global depository receipts on the London Stock Exchange and becoming the second Chinese company to offer shares through a connect program linking London and Shanghai. China Pacific Insurance (Group) Co. said Wednesday that it plans to proceed with a listing of its global depositary receipts on the London Stock Exchange, with admission expected this month.
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