By Ian Walker

China Pacific Insurance (Group) Co. said Wednesday that it plans to proceed with a listing of its global depositary receipts on the London Stock Exchange, with admission expected this month.

The Chinese insurer said it plans to offer 113.2 million GDRs and that the final offer price will be announced following a book-build process. It expects the GDRs--which represents five A shares of the company--to be traded on London's Official List.

China Pacific said it will apply to the Shanghai Stock Exchange for the A shares to be listed at the same time as trading starts in London.

The company plans to use 70% of the money raised from the listing to develop its business overseas and the rest for an overseas investment platform.

"We are confident that the London GDR listing will be another landmark in the development of the company, help further strengthen the economic and trade relationship between China and the U.K., and showcase the opening up of China's capital markets to the world," Chairman Kong Qingwei said.

UBS AG London Branch and Huatai Financial Holdings (Hong Kong) Ltd. are acting as joint global co-ordinators and joint bookrunners, and HSBC Bank plc and China International Capital Corporation (UK) Ltd. are acting as joint bookrunners. 



  Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749