SHANGHAI (Reuters) – China’s state-backed energy firm SDIC Power Holdings (SS:) 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:), HSBC (L:) and UBS (S:) 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.

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