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Hong Kong's securities regulator censures China Life Insurance (Overseas)

Hong Kong's Securities and Futures Commission, or SFC, censured China Life Insurance (Overseas) Co. Ltd. for breaching the city's code on takeovers and mergers.

The regulator said Aug. 3 that the insurer failed to make public disclosures of 2,139 trades in the shares of Glorious Property executed between May 9 and Aug. 5, 2016, during an offer period.

The SFC noted that during that time, China Life Insurance (Overseas) held a stake of more than 5% in Glorious Property, making the insurer an associate of the property developer.

China Life Insurance (Overseas) accepted that it failed to comply with the takeovers code and consented to the disciplinary action against it. The insurer is implementing several remedial measures to ensure future compliance with the code.

China Life Insurance (Overseas) is a unit of China Life Insurance (Group) Co.