New China Life Insurance NCI & China Life Insurance to Invest $3.5 Billion Each in a New $7 Billion CNY Equity Fund, Managed by Their Newly Setup Joint Venture Honghu Private Securities Investment Fund
30th November 2023 | Hong Kong
New China Life Insurance (NCI) and China Life Insurance are planning to invest $3.5 billion each in a new $7 billion CNY equity fund (CNY 50 billion), managed by their newly setup joint venture Honghu Private Securities Investment Fund. The new $7 billion CNY equity fund will invest in CNY-denominated equities. New China Life Insurance (NCI): “The Board announced that, after consideration and approval by the Board on 29 November 2023, (i) the Company and China Life intended to make a joint investment for the formation of the Fund, with each party intending to contribute RMB25 billion, and (ii) New China Asset, a subsidiary of the Company, and China Life Asset, a subsidiary of China Life, intended to jointly initiate the formation of the Fund Management Company, with each party intending to contribute RMB5 million. As at the date of this announcement, the parties have not entered into any agreement in respect of the Formation of the Fund through Joint Venture or the Fund Management Company through Joint Venture.”
“ NEW China Life Insurance NCI & China Life Insurance to Invest $3.5 Billion Each in a New $7 Billion CNY Equity Fund, Managed by Their Newly Setup Joint Venture Honghu Private Securities Investment Fund “
New China Life Insurance NCI & China Life Insurance to Invest $3.5 Billion Each in a New $7 Billion CNY Equity Fund
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