SHANGHAI (Reuters) - China's state-backed energy firm SDIC Power Holdings (SS:600886) has received government approval to issue 10% of its share capital as Global Depositary Receipts (GDRs) on the London Stock Exchange, the company said in a statement on Saturday.
SDIC Power said that it had received the green light from government regulator, the State-owned Assets Supervision and Administration Commission.
However, its plan, which corresponds to less than 678.6 million A-shares, still needs further approvals from shareholders as well as British and Chinese securities regulators, it added.
Reuters reported last month, citing sources, that SDIC Power had hired Goldman Sachs (N:GS), HSBC (L:HSBA) and UBS (S:UBSG) to help it list in London via the newly-minted Stock Connect scheme, in a boost for Britain's status as a financial center ahead of Brexit.
The sources said that SDIC Power, which has a market value of 57 billion renminbi ($8.3 billion) in Shanghai, was looking to raise between $500 million and $1 billion from the GDRs sale.