CHINESE power generation group SDIC Power Holdings plans to offer global depositary receipts in London, it said yesterday, adding it will look to use the proceeds to invest further in clean energy and for global expansion.

The Shanghai-listed company said the London offering, which is being made under a link between the London and Shanghai bourses announced earlier this year, will represent up to 10 percent of the total ordinary share capital of the company.

SDIC Power has a market capitalization of 57.92 billion yuan (US$8.23 billion) on the Shanghai exchange, suggesting a deal size of around US$820 million for the London offering, prior to any potential discount.

The deal would be the second of its nature, after Chinese brokerage Huatai Securities listed in London in June this year, raising about US$1.5 billion in the process.

It represents a boost for the London Stock Exchange, which has seen a number of initial public offerings (IPOs) canceled or postponed due to market uncertainty in recent months.

Reuters reported in July that SDIC Power had hired banks to list in London via the Shanghai-London Stock Connect scheme, in a boost for Britain’s status as a financial center ahead of Brexit.

The listing will help the company invest more in alternative energy, as it makes the transition from a coal-fired power focused company to a generator of clean energy, it said.

“We believe that a flotation on the London Stock Exchange will support our growth strategy, through which we will increase our clean energy capacity and continue our global expansion,” SDIC’s chairman Zhu Jiwei said in a statement. (SD-Agencies)