Shanghai-London Stock Connect welcomes China Yangtze Power Co.

  • China Yangtze Power Co. raises US$1.83 billion through a global offering of GDRs listed on London Stock Exchange through Shanghai-London Stock Connect and traded on the Shanghai Segment of London Stock Exchange
  • First Chinese issuer to receive London Stock Exchange’s Green Economy Mark
  • Highlights London’s position as an international centre for sustainable finance 

London Stock Exchange today welcomes China Yangtze Power Co. (Yangtze Power) as an issuer raising capital through Shanghai-London Stock Connect. Yangtze Power raised US$ 1.83 billion through a global offering of Global Depositary Receipts (GDRs) on their underlying A shares listed on the Shanghai Stock Exchange.  In addition, a further 6.9 million GDRs are being available under an over-allotment option, which if exercised in full, would increase the offer size to US$ 2.01 billion and represent 3.5.% of Yangtze Power’s outstanding share capital.


Yangtze Power is the largest hydropower company in the world in terms of consolidated installed capacity of hydropower. It is also the largest listed power company in the People's Republic of China in terms of market capitalisation. The issuer will be the first from China to receive London Stock Exchange’s Green Economy Mark. The Green Economy Mark recognises companies and investment funds on all equity segments of the Main Market and AIM that derive 50% or more of their total annual revenues from products and services that contribute to the global green economy. FTSE Russell’s Green Revenues data model provides the underlying data to London Stock Exchange’s Green Economy Mark. Yangtze Power will be the 87th issuer to be awarded the Mark across London markets. 


LEI Mingshan, Chairman, Yangtze Power, said:
“The GDR issuance of Yangtze Power is not only beneficial for our overseas business expansion and capital structure optimization, it also helps us get access to overseas equity financing, integrate with international capital markets and further develop our international strategies. As a leading A-share listed company, we believe Yangtze Power‘s GDR issuance would enrich the Shanghai-London Stock Connect portfolio and provide better investment opportunities for global investors. We are also proud that our commitment and contributions to generating sustainable energy has been recognised by being awarded a Green Economy Mark.”

Denzil Jenkins, Interim CEO, London Stock Exchange plc:
“We are delighted to welcome Yangtze Power, a global leader in hydropower, to be admitted to trading through Shanghai-London Stock Connect. This is a significant milestone, as the listing also marks the first time a Chinese company has received London Stock Exchange’s Green Economy Mark, recognising firms that generate more than 50% of revenues from the green economy. The cross-border nature of Yangtze Power’s business highlights the substantial opportunities for Chinese issuers to raise capital in London, as well as underlining the City’s position as a hub for sustainable finance.”

Yangtze Power today starts conditional dealings on the Shanghai Segment of the Main Market of London Stock Exchange. Shanghai-London Stock Connect, the partnership between London Stock Exchange and Shanghai Stock Exchange, provides the only access to securities fungible with China’s A-Shares on an exchange outside Greater China using international trading and settlement practices. Trading of GDRs is available on London Stock Exchange’s International Order Book. London Stock Exchange is home to over 2,000 issuers from more than 100 countries.
 
To find out more about Shanghai-London Stock Connect, visit:
https://www.londonstockexchange.com/discover/china/shanghai-london-stock-connect


To find out more about sustainable finance at London Stock Exchange, visit: https://www2.lseg.com/sustainablefinance 

To view the announcement in Chinese, please download the PDF.

 

For further information:

Lucie Holloway / Rhiannon Davies: +44 (0)20 7797 1222 

newsroom@lseg.com