Chinese investment banking and securities company Huatai Securities announced that the company has set its global depositary receipt (GDR) price in first London stock market offering.

Huatai Securities, effectively launching the London-Shanghai stock connect project, set a price range of $20 to $24.50 per GDR.

The company, aiming to raise at least $1.2 billion in its first London offering, plans to sell up to 82.5 million new GDRs.

Huatai Securities intends to use the net proceeds from the offering, expected to price on June 14, to back expansion at home and abroad.