HSBC supports first GDR conversion under Shanghai-London Stock Connect
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HSBC supports first GDR conversion under Shanghai-London Stock Connect 13 November 2019Shanghai Reporter: Becky Bellamy
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HSBC China has supported the conversion of the first global depositary receipt (GDR) for Huatai Securities under the Shanghai-London Stock Connect Scheme.
Huatai Securities is the first issuer to list GDR on the London Stock Exchange.
The Shanghai-London Stock Connect is a new investment scheme designed to deepen financial cooperation between China and the UK.
It allows listed companies on the Shanghai Stock Exchange to raise funds in London through GDR and allows London Stock Exchange-listed companies to broaden their investor base by selling existing shares in Shanghai through Chinese depositary receipt.
Brian Godins, head of HSBC Securities Services Asia Pacific, said: “We are delighted to have implemented the first GDR conversion under the Shanghai-London Stock Connect scheme. Our collective expertise, in-depth understanding of the market and client-centric mindset have reinforced HSBC’s market-leading position in China.”
HSBC China has been appointed as the local custodian for the three UK designated brokers and is working closely with them on upcoming opportunities.
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