Citi Appointed as Depositary Bank for China Pacific Insurance’s GDR Program, the Second Shanghai-London Stock Connect GDR Program
NEW YORK–(BUSINESS WIRE)–Citi’s Issuer Services business, acting through Citibank, N.A., has been appointed by China Pacific Insurance (Group) Co., Ltd. (“CPIC”) – a leading insurance group listed in Shanghai and Hong Kong and principally carries out its business in the PRC – to act as Depositary Bank for its Global Depositary Receipt (“GDR”) program.
CPIC’s GDR program was established in connection with a US$1.81 billion initial public offering of its GDRs (assuming no exercise by the underwriters of the over-allotment option), priced at US$17.60 per GDR. The GDRs are listed on the Shanghai-London Stock Connect (“SLSC”) segment of the Main market of the London Stock Exchange (“LSE”) under the symbol “CPIC”. Each GDR represents five A shares. CPIC’s A shares are listed and traded on the Shanghai Stock Exchange (“SSE”) under the stock code 601601.
As a symbol of deepened cooperation between UK and China in the capital markets, the first program was launched under the Shanghai-London Stock Connect in June 2019. As the second program, CPIC successfully listed on the London Stock Exchange on the first anniversary of the SLSC formation. The anniversary was celebrated at CPIC’s listing ceremony jointly by LSE (virtually) and SSE in Shanghai amidst the pandemic.
“SLSC is a remarkable achievement of the UK-China economic and financial dialogue. It is also another important initiative of China’s capital markets reform. After its GDR IPO, CPIC will be the first Chinese insurance company listed simultaneously in Shanghai, Hong Kong and London. Listing on LSE is another milestone for CPIC, which will further enhance the UK-China economic and trade cooperation and demonstrate the opening up of China’s capital market to the world,”
“We are truly grateful to be appointed as the Depositary Bank for CPIC’s LSE Listed GDR Program and it’s our honor to be the depositary bank for both SLSC GDR programs,” said Dirk Jones, Head of Global Issuer Services at Citi. “Citi’s cross-regional capabilities, global network, the ability to enhance investor access, and our experience gained from the first SLSC GDR program will serve CPIC well. We expect to see more and more issuers raising capital and building international awareness of their brand through SLSC GDR listings in the future.”
Citi is a leading provider of depositary receipt services. With depositary receipt programs in 67 markets, spanning equity and fixed-income products, Citi leverages its global network to provide cross-border capital market access to issuers, intermediaries and investors.