China Pacific Insurance: Banking and Insurance Regulatory Commission agreed to the company to issue GDR and listed on the London Stock Exchange

China Pacific Insurance: Banking and Insurance Regulatory Commission agreed to the company to issue GDR and listed on the London Stock Exchange
On the evening of May 7, the listed insurance company China Pacific Insurance announced that the China Banking Regulatory Commission agreed in principle to issue the company’s Global Depositary Receipts (GDR) and be listed on the London Stock Exchange.  However, the announcement also stated that the issuance and listing still need to obtain the final approval of relevant internal and external securities regulatory agencies and stock exchanges, and the matter is still uncertain.  On September 23, 2019, the Air Force issued an announcement that China Pacific Insurance would issue global depository receipts and apply for listing on the London Stock Exchange.  According to the announcement, the ADR stocks of the supplementary underlying securities represented by the GDR issued this time do not exceed 6.2.9 billion shares, no more than 10% of the company ‘s A shares before the issuance.In terms of pricing, the amount of this issuance price calculated according to the conversion rate of GDR and A-share stocks is not less than the company’s most recent audited measured net assets.  China Pacific Insurance stated that the purpose of the upcoming issue is to further optimize the company’s shareholding structure, improve corporate governance, and promote the company’s international layout.  China Pacific Insurance’s first quarterly report shows that the report merged and the company achieved 1311 revenue from insurance business.48ppm, an annual increase of 2.2%, at the same time, the group achieved a net profit of 283.8.8 billion, an annual increase of 53.1%.  Tianfeng Securities Research Daily said in a democratic view that the growth of China’s insurance market is far from the mature European and American markets, and the profitability is not weaker than that of overseas leaders. It is expected that China Pacific Insurance’s GDR issue will attract the attention of overseas high-quality long-term investors.At the same time, CPIC can use the opportunity to issue GDR to re-date new strategic partners to help it steadily develop overseas business and further optimize its capabilities in all aspects.  It is worth noting that China Pacific Insurance is also the first listed insurance company to announce the issuance of GDR after the launch of Shanghai-London Stock Connect. On June 17, last year, the China Securities Regulatory Commission and the UK Financial Conduct Authority issued the Shanghai-London Connect Joint Announcement, approved in principleShanghai Stock Exchange and Shanghai Stock Exchange are launched.On the same day, the first GDR product issued by the Shanghai Stock Exchange, a company listed on the Shanghai Stock Exchange, was listed on the London Stock Exchange.Reporter Pan Yichun edited Sun Yong proofreading Liu Baoqing