New China Life 5.7% Shares on Sale

Harbin-based Beiya Industrial (Group) Co., Ltd. (SHSE: 600705) is selling 68.49 million shares or a 5.7075% stake in New China life insurance Co., Ltd. on the China Beijing Equity Exchange.

Through the deal, the Harbin-based company, which is the fifth largest shareholder of the life insurance firm and enters into a bankruptcy and liquidation link, will withdraw from the latter and gain cash revenue of CNY 946.51 million in total.

Those shares include 36 million shares or a 3% stake and 32.49 million shares or a 2.7075% stake, which are sold at CNY 497.51 million and CNY 449 million, respectively, and the unit price is CNY 13.82 a share. Both the old and new shareholders gave up executing the preemptive right.

The insurance firm witnessed accumulative premium revenue of up to CNY 75 billion in the first three quarters of this year, being one of top three in the Chinese life insurance sector.