By P.R. Venkat 
 

China Pacific Insurance (Group) Co. is planning to issue 125.73 million global depository receipts, which will be listed on the London Stock Exchange.

The China Securities Regulatory Commission has given its approval for such a move, China Pacific Insurance said late Monday.

Swiss Re AG has agreed to come in as a cornerstone investors by subscribing to a portion of the GDRs, China Pacific said.

The Swiss insurer will be subject to a three year lock-up once it subscribers to the GDRs.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

June 02, 2020 19:48 ET (23:48 GMT)