(Yicai Global) June 3 -- China Pacific Insurance, one of the county's major insurers, could become the second Chinese firm to issue shares in London via a fairly fresh stock connect scheme between China and the UK.

The insurer, which is already listed on the mainland and Hong Kong, is moving along toward its listing in London, looking to issue 125.7 million global depositary receipts, the Shanghai-based firm said in a statement yesterday. It first revealed such plans last September.

The issuance still requires approval from regulators in the UK but the China Securities Regulatory Commission already gave the green light to the plan last month.

Last June, Huatai Securities became the first successful Chinese entity to issue GDRs via the program, first announced in 2018, which allows Chinese firms to float shares in London with an aim to attract more foreign capital.

China Pacific Insurance has found itself a cornerstone investor from an Asian unit of Swiss Reinsurance that will take up to 1.5 percent of the insurers' GDRs, with a lock-up period of three years, the statement added.

Last year, the Chinese insurer boosted its profit by 54 percent to CNY27.7 billion (USD3.9 billion) from a year ago. Its revenue climbed by 9 percent to CNY385.5 billion (USD54.2 billion).

China Pacific Insurance's Shanghai-listed shares [SHA:601601] were 0.1 percent up at CNY29.50 (USD4.15) this afternoon. Its Hong Kong-listed equity price [HKG:2601 climbed 2.3 percent to HKD22.25 (USD2.90).

Editor: Emmi Laine