China Pacific Insurance launches London listing to raise up to $2.15b

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China Pacific Insurance launched a London listing on Friday to raise up to $2.15 billion, reviving a scheme to build investment links between the two countries after a series of delays.

CPIC will look to sell just over 113 million global depositary receipts (GDRs)- including the greenshoe over-allotment – and has set a price range of $17.60-$19.00 per GDR, one of its lead managers said. This represents about 9% of the company’s share capital in Shanghai.

The listing is expected to price on Tuesday, June 16, and trading is set to begin the next day.

Insurance giant Swiss Re has agreed to acquire up to 28.9 million GDRs in the offer, which is part of the Shanghai-London Stock Connect scheme which will allow mainland Chinese companies to expand their investor base.

The original plan was for several companies to take part in the scheme in the first couple of years since its 2018 launch, but so far only one company, Huatai Securities, made the trip from Shanghai to London last June.

Chinese authorities suspended new listings under the scheme in December — even as SDIC Power was in the process of completing a deal — but changed their stance earlier this year.

Huatai Securities and UBS are global coordinators and bookrunners along with Morgan Stanley, HSBC, China International Capital Corporation, and JP Morgan.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.