On the evening of May 7, China Pacific Insurance (Group) Co., Ltd. (China Pacific Insurance, 601601.SH; 2601.HK) announced that it had recently received the “China” issued by the General Office of the China Banking and Insurance Regulatory Commission. Letter from the General Office of the China Insurance Regulatory Commission on Issuing Global Depositary Receipts (GDR) for China Pacific Insurance (Group) Co., Ltd. and Issuing Supervisory Opinions on the London Stock Exchange “(Bank Insurance Regulatory Office Note [2020] 527). According to the letter, the China Banking and Insurance Regulatory Commission agreed in principle that China Pacific Insurance would issue a Global Depositary Receipt (GDR) and be listed on the London Stock Exchange.
China Pacific Insurance stated that the issuance and listing still require the final approval of relevant domestic and foreign securities regulatory agencies and stock exchanges, and there is still uncertainty in this matter.
In September 2019, China Pacific Insurance announced that it agreed to issue a global depository receipt (GDR) and applied for listing on the London Stock Exchange. GDR is new The newly issued company’s RMB common stock A shares are used as basic securities.
“The plan to issue GDR and be listed on the London Stock Exchange is to respond to the comprehensive reform policy of Shanghai ’s state-owned enterprises and state-owned enterprises, support the construction of the Shanghai International Financial Center, and further optimize the company ’s equity structure The level of corporate governance and promotion of the company’s international layout. The funds raised in this GDR issue will be used to steadily promote the company’s international layout and supplementary capital after deducting the issuance costs. “China Pacific Insurance’s first temporary shareholders’ meeting in 2019 So said in.
In terms of the scale of the issuance, under the framework of the general authorization for the issuance of new shares reviewed and approved by the 2018 Annual General Meeting of Shareholders, the new GDR represented by China Pacific Insurance represents the new The A shares of basic securities shall not exceed 62,867,000 shares, and shall not exceed 10% of the A shares of the company before this issuance. The issue price will take into account the existing shareholders ’interests of CPIC, the investor ’s acceptability, and the issue risk, etc., in accordance with international practices and the relevant regulatory requirements such as the Shanghai-London Connect Regulation (Trial), through order requirements and bookkeeping. The file is determined according to the domestic and overseas capital market conditions at the time of issuance. The amount of this issue price calculated according to the conversion rate of GDR and A shares is not less than the latest audited net assets per share of China Pacific Insurance.
In June 2019, the Shanghai-London Stock Connect was officially launched. The so-called Shanghai-London Stock Connect, which is the interconnection mechanism between the Shanghai Stock Exchange and the London Stock Exchange, refers to eligible listed companies in two places that issue depository receipts (DR) in accordance with the laws and regulations of the other market.Listed and traded in the other market. At the same time, through the arrangement of the cross-border conversion mechanism between the depositary receipts and the underlying securities, the interconnection between the two markets can be realized.