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China Life to Continue Business Structure Adjustment

 

Thursday, Sep 10,2009, 8:20:33 PM   Click:

China Life Insurance Co., Ltd. (SHSE: 601628 and SEHK: 2628) will attach more importance to adjusting business structure in the future, Yang Chao, chairman of the biggest Chinese life insurer, said on September 9.

It will not launch investment overseas within a short period of time and the capital it injected into the Hong Kong stock market reaches CNY 10 billion to CNY 20 billion. The company aims to go global and expects to achieve the goal via the platform Hong Kong.

Selling a 50 percent stake in China CMG Life Insurance Co., Ltd. to Bank of Communications (BoCom, SEHK: 3328 and SHSE: 601328) will allow it to focus on main business. It has no plan to buy more into Guangdong Development Bank and intends to team up with other shareholders of the bank to boost the latter's restructuring. Whether it will launch in-depth cooperation with Agricultural Bank of China will mainly depend on regulatory approval and related policies.

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