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China Cinda sells majority stake in Happy Life Insurance for 7.5B yuan

China Cinda Asset Management Co. Ltd. said Dec. 13 that it sold its entire 50.995% stake in life and health insurance subsidiary Happy Life Insurance Co. Ltd. for 7.5 billion yuan.

The state-owned distressed asset manager sold a 30% stake in Happy Life to Champion Property & Casualty Insurance Co. Ltd. for 4.41 billion yuan, and another 20.995% stake to DongGuan Communications Investment Group Co. Ltd. for 3.09 billion yuan.

In the six months ended June 30, Happy Life's pretax profit was 590 million yuan, compared with a pretax loss of 1.08 billion yuan a year earlier, according to China Cinda's interim report.

As of Dec. 13, US$1 was equivalent to 6.98 Chinese yuan.