June 17, 2020 / 8:22 AM / 20 days ago

China Pacific Insurance GDRs start on London-Shanghai link

LONDON, June 17 (Reuters) - Global Depository Receipts in China Pacific Insurance Co (CPIC) opened little changed on Wednesday on their first day of conditional trading on the London-Shanghai Stock Connect programme in a listing that raises $1.8 billion.

CPIC is only the second company to list on the Stock Connect after Huatai Securities completed a GDR listing in June last year.

China Pacific Insurance’s GDRs were trading around $17.60, compared with the final pricing of $17.60 per GDR on Tuesday. Full trading in London starts on June 22.

The pricing was at the bottom of the range and suggested a roughly 10% discount to CPIC’s A-shares in Shanghai. Insurance giant Swiss Re has agreed to acquire up to 28.9 million GDRs in the offer.

Reporting by Huw Jones and Abhinav Ramnarayan; Editing by Tom Arnold

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