Huatai Securities, a major Chinese securities brokerage firm, is planning to issue the country’s first Global Depository Receipts and list on the prestigious London Stock Exchange, The Paper reported.

The company will use the newly issued A shares as the underlying securities — no more than 825.15 million shares, or less than 10% of the total share capital of its common stock.

The face value of each GDR will be determined based on the conversion rate of the issued GDR and the underlying A shares.

The company intends to launch the GDR on a global scale, targeting qualified international investors. This could be the first GDR when the much-anticipated London-Shanghai Stock Connect kicks off.

Huatai Securities was established in 1991 and listed on the Shanghai Stock Exchange in 2010. Among the 2017 brokerage net assets rankings, it ranked fourth with a net asset of 85.101 billion yuan.

In the latest rating of the securities industry by the China Securities Regulatory Commission, the company received an AA designation.