ENERGY firm SDIC Power Holdings, which lists shares on the Shanghai Stock Exchange, has received government approval to issue 10 percent of its share capital as Global Depositary Receipts (GDRs) on the London Stock Exchange.

In a statement issued 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 Shanghai-listed A shares, still needs further approvals from shareholders as well as British and Chinese securities regulators, it added.

China’s State Development and Investment Corp. has a 49.1 percent stake in the company, while another 36.8 percent is listed on the Shanghai exchange, according to Refinitiv data.

SDIC’s second-biggest shareholder, China Yangtze Power Co., which has a 7.79 percent stake, is also State-owned.

The company, which focuses on investing, constructing and operating electric power plants, has a presence in Britain through its ownership of Red Rock Power, a Scotland-based wind farm operator.

It is also involved in other alternative energy generation such as hydropower, thermal, wind and photovoltaic.

Reuters reported last month, citing sources, that SDIC Power had hired Goldman Sachs, HSBC and UBS to help it list in London via the newly-minted stock connect program, 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 yuan (US$8.3 billion) in Shanghai, was looking to raise between US$500 million and US$1 billion from the GDRs sale. (SD-Agencies)