At London time 9 a.m of June 17th, China Pacific Insurance (Group) Co., Ltd. (hereinafter referred to as “China Pacific Insurance” or “Company”, stock ticker: CPIC) was successfully listed and commenced trading on the Shanghai Segment of the Main Market of London Stock Exchange (“LSE”), with an issue price of USD$17.60. China Pacific Insurance officially becomes the first Chinese insurance company to issue GDRs and the first ever A+H+G (Shanghai, Hong Kong, London) listed insurance company.
China Pacific Insurance’s GDR issuance has achieved a number of innovative breakthroughs under the Shanghai-London Stock Connect, being the first GDR to adopt Chinese Accounting Standards, to introduce cornerstone investor mechanism, to receive public float waiver as an non-Europe company, and to adopt online “virtual listing ceremony” between Shanghai and London. Mr. Kong Qingwei, chairman of the Board of Directors and executive Director of China Pacific Insurance said, “The successful issuance and admission of CPIC GDR in London Stock Exchange will not only serve as a milestone in the company’s history, but also become a symbolic event of “mutual trust, support, connect and interaction” between eastern and western capital markets. Chinese insurers need to learn from international peers, while China, given its prosperity and stability, is a perfect choice for global investors”.
Since its establishment 29 years ago, China Pacific Insurance has undergone milestones and key changes such as A+H listing, and industry leading transformations. The Company focuses on insurance business as its core, and promoted balanced growth across business segments with full range of insurance licenses. China Pacific Insurance strives to build competitive insurance expertise, and grow into a large composite insurance group with robust capital position, strong value creation capability, and excellent risk control level.
As one of the most influential insurance companies, the issuance of GDR is a strategic decision for the Company to support the country’s opening up of its financial market. It is an important step to strengthen Shanghai’s status as an international financial center. The successful issuance of GDR allowed China Pacific Insurance to further improve its corporate governance, deepen its business reform, and enhance its core competitiveness as well as its position in the capital market. It marked an important milestone for the bilateral opening of China and the UK’s capital markets. Industry experts commented that China Pacific Insurance’s GDR issuance has benefited from China’s financial reform and opening up. The Company is expected to provide a valuable example for A-share listed or insurance listco to embrace the core global capital market through Shanghai-London Stock Connect.
