China's SDIC says receives government approval for London IPO
Reuters
Published Aug 11, 2019 02:28AM ET
China's SDIC says receives government approval for London IPO
SHANGHAI (Reuters) - China's state-backed energy firm SDIC Power Holdings (SS:600886) has received government approval to issue 10% of its share capital as Global Depositary Receipts (GDRs) on the London Stock Exchange, the company said in a statement on Saturday.
SDIC Power said that it had received the green light from government regulator, the State-owned Assets Supervision and Administration Commission.
However, its plan, which corresponds to less than 678.6 million A-shares, still needs further approvals from shareholders as well as British and Chinese securities regulators, it added.
Reuters reported last month, citing sources, that SDIC Power had hired Goldman Sachs (N:GS), HSBC (L:HSBA) and UBS (S:UBSG) to help it list in London via the newly-minted Stock Connect scheme, in a boost for Britain's status as a financial center ahead of Brexit.
The sources said that SDIC Power, which has a market value of 57 billion renminbi ($8.3 billion) in Shanghai, was looking to raise between $500 million and $1 billion from the GDRs sale.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.