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China's Huatai Securities plans to list in London on December 14: source

Reuters  |  SHANGHAI 

(Reuters) - Chinese brokerage plans to list on the Stock Exchange on Dec. 14 via the Shanghai-Stock Connect, a person with direct knowledge of the plan said.

Shanghai-listed Huatai, which counts as a strategic investor, will soon publish a prospectus to issue Global Depositary Receipts (GDRs) in London, said the person, who is not authorised to speak to the media.

Huatai's listing will mark the launch of a long-awaited stock "connect" scheme between and London. The scheme allows companies publicly traded in and London to list on each other's bourses via the issuance of depositary receipts (DRs), a financial instrument representing publicly traded securities of a foreign company.

The planned offering by Huatai, China's fifth-largest brokerage by assets, comes after it received a green light last week from China's securities watchdog for the London issuance.

Huatai, which owns businesses ranging from brokerage and to investment banking, has said it would use proceeds from the London offering to fund overseas expansion and strengthen its capital position.

The company this year introduced and Co as strategic investors.

(Reporting by and John Ruwitch; Editing by Richard Borsuk)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, December 04 2018. 12:38 IST