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New China Life says 'under normal operation' after chairman reported to depart

New China Life Insurance Co. Ltd. said it is "under normal operation and management" ahead of the election of a new session of its board of directors, in a statement following media reports that its chairman had stepped down.

Shares in New China Life fell as much as 8% in Jan. 7 trading in Shanghai and closed down 6.7%, after a report, cited by news website Yicai Global, that Chairman Wan Feng was stepping down to join Shin Kong-HNA Life Insurance Co. Ltd.

New China Life Insurance said it would follow the procedures for the election of a new board session, and it advised shareholders and potential investors to be cautious in dealing with the company's securities.