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CENTRAL HUIJIN TO PAY US$594 MLN TO TAKE OVER NEW CHINA LIFE

Posted on: Fri, 27 Nov 2009 05:04:00 EST

Symbols: LFC

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BEIJING, Nov 27, 2009 (AsiaPulse via COMTEX) --
LFC | Quote | Chart | News | PowerRating -- China Central Huijin should pay
4.058 billion yuan (US$594.31 million) in a lump to buy 38.815
per cent of New China Life Insurance's shares from China
Insurance Security Fund Co. Ltd., according to people familiar
with the transaction.

The Ministry of Finance (MOF) and the China Insurance
Regulatory Commission (CIRC) have agreed to the transaction in
principal.

Whether or not the Central Huijin can pay the 4.058 billion
yuan in a lump has become the key factor for the transaction's
development. But analysts hold that it would not be difficult
for the Central Huijin to raise 4.058 billion yuan, so the New
China Life Insurance share purchase is achievable.

The Central Huijin has gained much by investing in
state-owned banks and brokers; bonus and cash taking by cutting
holdings are its key capital sources.

By rough estimation, the Central Huijin had earned by early
2009 over 100 billion yuan by investing in the four state-owned
banks.

The Central Huijin is an investment arm of the China
Investment Corporation, China's sovereign wealth fund.

(XIC)maz

For full details on China Life Insurance Company Limited ADS (LFC) LFC. China Life Insurance Company Limited ADS (LFC) has Short Term PowerRatings at TradingMarkets. Details on China Life Insurance Company Limited ADS (LFC) Short Term PowerRatings is available at This Link.

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