(Yicai Global) Sept. 24 -- China Pacific Insurance Group, one of China's largest insurers, aims to become the second Chinese firm to issue global depository receipts to be traded on the Shanghai-London Stock Connect.

The GDRs will equal nearly 630 million shares on China's mainland or 10 percent of the firm's outstanding equity before the issuance, the Shanghai-based company said in a statement yesterday. 

The proceeds will advance the firm's plans to go international, as well as be used as supplementary capital, it added. 

In June, Huatai Securities became the first Chinese firm to issue shares on the stock connect scheme that was launched the same month after four years of preparation. The Nanjing-based brokerage raised over USD1.6 billion via the issuance and also became the first Chinese company to have shares floated on stock exchanges in China's mainland, Hong Kong, and London.

CPIC has been included in the Fortune Global 500 for eight consecutive years, and last year, it came in 220th. The firm's core business revenue rose 14.3 percent to CNY321.9 billion (USD45.2 billion) in 2018, and its net profit advanced 22.9 percent to CNY18 billion (USD2.5 billion).

Editor: Emmi Laine