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Taiping Life to inject 6.5B yuan into 4 China Railway subsidiaries

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Taiping Life to inject 6.5B yuan into 4 China Railway subsidiaries

Taiping Life Insurance Co. Ltd. has agreed to contribute 1.89 billion Chinese yuan to China Railway Construction Investment Group Co. Ltd., 1.77 billion yuan to China Railway Construction Kunlun Investment Group Co., 1.65 billion yuan to China Railway 11th Bureau Group Co. Ltd. and 1.18 billion yuan to China Railway Construction Group Co. Ltd.

The total of the investments is approximately 6.50 billion yuan. Upon the completion of the transactions, Taiping Life will hold 7.47%, 17.27%, 10.86% and 8.49% equity interests in China Railway Construction Investment, China Railway Construction Kunlun, China Railway 11th Bureau and China Railway Construction Corp. Group, respectively.

The target companies, which are part of China Railway Construction Corp. Ltd., will not become subsidiaries of Taiping Life.

As of Dec. 17, US$1 was equivalent to 6.70 Chinese yuan.