The net proceeds will be mainly used to develop its businesses overseas, in the form of equity investments, strategic partnerships, and mergers and acquisitions in both developed and emerging markets, supporting core insurance business growth. Shanghai-London Stock Connect marks a major collaboration between two of the world's leading economies, allowing global investors to access Chinese enterprises directly through London Stock Exchange and benefit from China's economic growth.The Alerian Midstream Energy Infrastructure Dividend UCITS ETF has been issued via the HANetf white-label platform by US-based Alerian - the world leader in North American energy infrastructure indexing and research – as their first European-listed UCITSCPIC 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 issuance of global depositary receipts (GDRs) to international investors.
The S&P 500 lost 0.62%, while the Nasdaq Composite fell 0.94% and the Dow Jones Industrial Average slumped 0.68%. Quick fact: The NYSE, commonly referred to as the New York Stock Exchange, is the biggest stock exchange in the world, with a market capitalization of over $25 trillion as at April 2020. 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 …
The GDR will start official trading on June 22, thereafter the above condition will be removed, said the company in an announcement released on Tuesday. China Pacific Insurance (Group) Co. Ltd. closed higher on its first day of conditional trading in London, as the state-owned insurance giant became the second Chinese company to list there through the Shanghai-London Stock Connect program.
It was named the 6th most valuable insurance brand in ‘Brand Finance Insurance 100 (2019)’. 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. 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 is pressing ahead with a London listing under a stock link scheme between Britain and China, it said on Tuesday, defying the market turmoil wrought by COVID-19. DACEY also served as a non-executive director of New China Life Insurance Company Limited (stock code on SSE: 601336, stock code on the Stock Exchange: 1336). LONDON/ZURICH, June 2 (Reuters) - China Pacific Insurance is pressing ahead with a London listing under a stock link scheme between Britain and China, it said on Tuesday, defying the market turmoil wrought by COVID-19.The Chinese insurer, which is seeking to raise cash to support its overseas expansion, said it would issue 125.7 million units of global depositary receipts (GDR) in London with Swiss Re as its cornerstone investor.Swiss Re will take a GDR allotment of up to 1.5% of China Pacific’s total number of ordinary shares, with a lock-up period of three years.SDIC, which was set to become the second Chinese company to make use of the scheme, called off its London listing in December, blaming market conditions.The U-turn prompted speculation among bankers and analysts that China Pacific Insurance could follow suit due to the market turbulence caused by the coronavirus pandemic.But China wants to revive the link scheme as a way to strengthen overseas ties and fund its post-lockdown recovery.European listings raised $918 million in the first quarter of 2020, according to Refinitiv data, more than three times the $301.2 million in the year earlier period. But activity halted abruptly in March and only partly resumed in May with coffee maker JDE Peet making its market debut in Amsterdam. SIMNA is an indirect wholly owned subsidiary of Schroders plc, a UK public company with shares listed on the London Stock Exchange, and is an SEC registered investment adviser providing asset management products and services to clients in the US and Canada.
Trading of GDRs is available on London Stock Exchange’s International Order Book. No action should be taken or omitted to be taken in reliance upon information on this webpage.
(Reporting by Carolyn Cohn in London and Oliver Hirt in Zurich; Editing by Pamela Barbaglia and Pravin Char)If successful, these listings will give a boost to the London Stock Exchange where share sales have come to a halt due to the business paralysis caused by the spread of the virus.Beside China Pacific Insurance, energy firms SDIC Power and China Yangtze Power have also received the go-ahead from Beijing to list GDRs in London, sources have said.The Shanghai-London Stock Connect scheme, which allows Chinese companies to add a secondary GDR listing in Britain, was first announced in 2018. The Swiss reinsurance company has purchased about 28.88 million GDRs, which have a three-year lock-in period.Data from Bloomberg showed that the GDRs issued by China Pacific Insurance are the largest listing by a Chinese company in the European stock market.China Pacific Insurance will offer about 102.87 million GDRs, each of which represents five A shares of the company, said the prospectus.
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