trending Market Intelligence /marketintelligence/en/news-insights/trending/Ava2-rjVXBYid_h7QxvTQg2 content esgSubNav
In This List

4 Chinese companies to enter into partnership deal

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


4 Chinese companies to enter into partnership deal

China Life Insurance Co. Ltd., Jiangsu Provincial Government Investment Fund and China Life Property and Casualty Insurance Co. Ltd. intend to enter into a partnership agreement with China Life (Jiangsu) Equity Investment Co. Ltd. by Dec. 31.

The partnership will have a term of 8 years from its establishment date. China Life, Jiangsu Provincial Government Investment Fund and China Life Property & Casualty are the limited partners, while China Life (Jiangsu) is the general partner and managing partner.

The total capital contribution by all partners must be 5 billion yuan, including contributions of 3 billion yuan by China Life, 1.5 billion yuan by Jiangsu Provincial Government Investment Fund, 450 million yuan by China Life Property & Casualty and 50 million yuan by China Life (Jiangsu). The transaction is subject to the reporting and announcement requirements but exempt from independent shareholders' approval.

The directors of China Life Insurance view the transaction as fair and reasonable and in the interest of the company and its shareholders.

China Life (Jiangsu) is a company that will be established under the laws of the People's Republic of China. Upon establishment, it will become an indirect wholly owned subsidiary of China Life Equity Investment Co. Ltd.

For the purpose of the announcement, the People's Republic of China does not include Hong Kong, Macau Special Administrative Region and Taiwan Region.

As of Aug. 22, US$1 was equivalent to 7.08 Chinese yuan.