久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

Economy

Markets

Industries

Insights

Reports

Events

China life becomes largest shareholder of Minsheng

(Shanghai Daily)
Updated: 2007-06-27 15:12

China Life Insurance Co overtook Chinese billionaire Liu Yonghao as the biggest shareholder of China Minsheng Banking Corp, the nation's only privately controlled bank.

China Life owns 893.6 million shares, or 6.17 percent of Minsheng, the Beijing-based bank said in a statement to Shanghai's stock exchange. Ping An Insurance Co, the nation's second-biggest insurer, owns 4.93 percent of Minsheng, making it the fourth-largest investor, Bloomberg reported.

China Life and Ping An each paid 5.45 billion yuan (US$716 million) for 714 million Minsheng shares in the bank's private placement in March. Liu's Sichuan New Hope Investment Co slipped to No. 2 after buying 400 million shares in the placement.

Related readings:  Minsheng plans US$2.6 bl bond sale  Insurers to buy Minsheng stake  Minsheng's net profits up 47% Find more in Markets Watch

C hinese insurance companies are investing their 599 billion yuan of cash to help bolster profits as demand for policies cools. China Life's and Ping An's earnings were boosted by investment gains last year as the nation's benchmark CSI 300 Index more than doubled.

Shenzhen-based Ping An's stake will be subject to a lock-up period of 12 months and China Life's shares must be held for 26 months. China began allowing insurers to purchase stakes in commercial banks in 2005, prompting Ping An and China Life to embark on buying sprees.

Shares of Minsheng Bank have gained 30 percent this year, closing at 11.12 yuan yesterday.