(Yicai Global) June 15 -- The United Kingdom’s Financial Conduct Authority has approved China Pacific Insurance Group’s application to float between USD2 billion and USD2.2 billion worth of global depositary receipts in London.

The Shanghai-based insurer started issuing up to 113 million GDRs on June 12 and will do so through June 16, it announced on June 12.

The green light makes the firm the second Chinese mainland-listed company to issue GDRs, after Huatai Securities, since the Shanghai-London Stock Connect began in June last year. It will be the first to have shares floated on the Chinese mainland and in Hong Kong and London simultaneously.

China Pacific is pricing the GDRs between USD17.60 and USD19 apiece, it added. One GDR will represent five mainland-listed shares and the GDR pricing will equate to between CNY24.90 (USD3.51) and CNY26.90 per share, down 10.3 percent and 3.1 percent from the company’s closing price yesterday.

Shares in the firm were down 0.4 percent at CNY27.64 apiece at the lunch break today.

Editor: James Boynton