China Pacific Insurance (CPIC) has launched a London listing to raise up to $2.15bn, restarting the investment links between the UK and China.

CPIC intends to sell just over 113 million global depositary receipts (GDRs), including the greenshoe over-allotment.

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According to a report by Reuters, the company has set a price range of $17.60-$19.00 per GDR. This represents about 9% of its share capital in Shanghai.

The listing is expected to price on Tuesday, June 16, and trading is slated to begin the next day.

As part of the Shanghai-London Stock Connect programme, reinsurance company Swiss Re has reportedly agreed to obtain around to 28.9 million GDRs in the offer.

The Stock Connect scheme, launched in 2018, is to help Chinese firms broaden their investor base. The programme was expected to see participation from a range of companies.

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However, Huatai Securities is the only Chinese company that has penetrated into London till date. The company launched its London-listing last year in June.

In December last year, Chinese authorities suspended new listings under the scheme while SDIC Power was in the process of completing a deal.

Huatai Securities and UBS are global coordinators and bookrunners along with Morgan Stanley, HSBC, China International Capital Corporation, and JP Morgan.