On June 12, China Pacific Insurance (Group) Co., Ltd. (China Pacific Insurance, 601601.SH; 2601.HK) issued an announcement saying that the offering of this offering The prospectus (hereinafter referred to as the GDR prospectus) was approved by the British Financial Conduct Authority on June 12, London time.
The new underlying securities represented by the GDR issued this time are not more than 565803000 shares of China Pacific Insurance A shares (including the GDR issued by the exercise of over-allotment rights) Representative A shares of the company). The price range of the GDR issued this time is initially determined to be USD 17.60 to USD 19.00 per GDR. The release period of the GDR issued this time is from June 12 to June 16, London time.
According to the announcement, assuming that the number of GDRs issued this time reaches the upper limit and the over-allotment rights are exercised in full, according to the preliminary price range calculation, China Pacific Insurance is expected to raise this issue The total funding is US$1.9916 billion to US$2.1501 billion. The total amount of funds raised for this issue will be determined based on the final quantity and price of this GDR issue.
Talking about how to use the net proceeds from this issuance, China Pacific Insurance previously stated in its announcement that more than 70% of the net proceeds will focus on the main insurance business, It is used to choose equity opportunities, cooperative alliances and mergers and acquisitions in overseas developed and emerging markets, and gradually develop overseas business; up to 30% or the remaining net raised funds will rely on the company’s overseas investment platform to build overseas innovation fields Investment platforms, including but not limited to health, pension, technology and other directions.
On June 17, 2019, at the launch ceremony of the Shanghai-London Stock Exchange held on the London Stock Exchange, the Shanghai-London Stock Connect was officially launched. As the first Chinese company to land on the London Stock Exchange in accordance with the Shanghai-London Connect business rules, GDR (code HTSC) issued by Huatai Securities was listed on the London Stock Exchange. The approval of the prospectus means that China Pacific Insurance will become the second A-listed company to issue GDR and the first A+H+G listed insurance company.