China reactivates Shanghai-London Stock Connect, approved China Pacific Insurance to list in London
The Chinese government has approved a Chinese insurance company's plan to sell Global Depositary Receipts (GDR) in London, which indicates that the UK and Shanghai stock markets have restarted cooperation.
China Pacific Insurance (Group) Co., Ltd. said Tuesday evening that the China Securities Regulatory Commission approved the company's plan to list in London. Information from FactSet shows that China Pacific Insurance has been listed in Shanghai and Hong Kong, with a market value of about 33.8 billion US dollars.
China Pacific Insurance's listing in London still needs approval from relevant stock exchanges and British regulatory agencies. The Shanghai Stock Exchange said it was reviewing China Pacific Insurance's London listing plan and expected to approve it soon.