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Yunfeng Financial Group unit to acquire additional 9.8% of YF Life Insurance

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Yunfeng Financial Group unit to acquire additional 9.8% of YF Life Insurance

Yunfeng Financial International Holdings Ltd. agreed to acquire the entire issued share capital of YUVAN Ltd., a holding company whose sole significant asset is a 9.8% stake in YF Life Insurance International Ltd.

YF Life International is the former MassMutual Asia, which Yunfeng Financial Group Ltd. acquired in 2018. At the time, it purchased 60% of the company, with 40% held by seven other shareholders, including Meyu International-owned YUVAN.

The consideration for YUVAN is HK$1.56 billion, payable in cash at completion. The consideration will be funded by a shareholder loan from Key Imagination Ltd., an indirect shareholder of Yunfeng Financial Group.

The acquisition will increase Yunfeng Financial's stake in YF Life to 69.8%, with the remaining 30.2% held by six other co-investors. Meyu International will assign to Yunfeng Financial International Holdings a shareholder loan of HK$1.56 billion owed by YUVAN to Meyu International.

The deal has satisfied all conditions for its approval, and the parties intend to complete it as soon as possible.