Shanghai-listed Huatai Securities won approval from British financial regulators to sell as much as 82.5 million global depositary receipts (GDRs) on the London Stock Exchange, the company said Tuesday.
The offering will raise between $1.65 billion and $2 billion, Huatai said.
If the offering is completed, Huatai will become the first Shanghai-listed company to trade in London via the long-awaited Shanghai-London Stock Connect program. The Shanghai Stock Exchange said it expects more A-share listed companies to join the program as China continues opening its capital market.
Huatai announced the planned GDR issuance earlier this month, saying the issues represent 10% of the brokerage’s total ordinary share capital prior to the offering. Huatai last year brought in strategic investors such as Alibaba and Suning.