In the evening of June 2, China Pacific Insurance (Group) Co., Ltd. (China Pacific Insurance, 601601.SH; 2601.HK) announced that it had received it recently The approval issued by the China Securities Regulatory Commission approved that CPIC issued no more than 125734000 global depository receipts (hereinafter referred to as GDR). According to the conversion ratio determined by the company, the corresponding new A-share base stocks did not exceed 62,670,000 shares. If the conversion ratio is adjusted, the number of GDR issuances can be adjusted accordingly. After completing this offering, China Pacific Insurance may be listed on the London Stock Exchange.
While the announcement was approved by the China Securities Regulatory Commission, China Pacific Insurance also issued an announcement regarding the signing of the cornerstone investment agreement. China Pacific Insurance stated that on June 2, 2020, it signed a “Foundation Investment Agreement” (hereinafter referred to as “Investment Agreement”) with Swiss Re Principal Investments CompanyAsia Pte. Ltd. (hereinafter referred to as Swiss Re).
According to the “Investment Agreement”, under certain conditions, Swiss Re will subscribe the GDR to be issued by China Pacific Insurance at the offering price. The number of ordinary shares represented by the number of GDRs subscribed by Swiss Re should not exceed 1.5% of the number of ordinary shares issued by China Pacific Insurance after this issue (and assuming full exercise of the over-allotment right (if any)) Limited to a three-year lock-up period. Swiss Re is a wholly-owned subsidiary of Swiss Re Ltd and is a member of Swiss Re Group.
China Pacific Insurance also stated that this issue still requires final approval from the UK securities regulatory agency and relevant stock exchanges. This issue and transactions under the Investment Agreement There are still uncertainties in the completion of the project, and investors are urged to pay attention to investment risks.
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 for this GDR issue will be deductedIn addition to the issuance expenses, it is used to steadily promote the company’s international layout and supplement capital. “China Pacific Insurance said so in the materials of the first extraordinary shareholders’ meeting in 2019.
The interconnection mechanism between the Shanghai Stock Exchange and the London Stock Exchange (ie Shanghai-London Stock Connect) Officially launched in June 2019. Qualified listed companies in the two places issue depository receipts (DRs) in accordance with the laws and regulations of the other market and list and trade on the other market. At the same time, through depository receipts and underlying securities The arrangement of the cross-border conversion mechanism between the two countries to achieve the interconnection of the two markets.