FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo
August 11, 2019
SHANGHAI (Reuters) – China’s state-backed energy firm SDIC Power Holdings <600886.SS> 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 <GS.N>, HSBC <HSBA.L> and UBS <UBSG.S> 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.
(Reporting by Brenda Goh; Editing by Kim Coghill)
