China Li reading glasses fe may spin off HK unit for listing: report
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China Life may spin off HK unit for listing: reportPublished: 27 Nov 2009 01:17:48 PST

More From ChinaKnowledge.comChina Economy DataChina Business GuideChina DemographicChina Industrial ParksChina Financial Market Nov. 27, 2009 (China Knowledge) - China Life Insurance Co Ltd<601628><2628><LFC>, the country's largest life insurance company, may spin off its Hong Kong unit, China Life Insurance (Overseas) Co, for an initial public offering within three years, the Oriental Daily News reported on Wednesday, citing Liu Tingan, president of China Life Insurance (Overseas) as saying.

Liu said China Life Insurance (Overseas) currently has no plans to proceed with acquisition, and predicted that the company's revenue for 2009 will exceed HK$30 billion.

China Life Insurance (Overseas), which is a wholly-owned subsidiary of China Life Insurance, is the first and largest state-owned life insurer that operates in Hong Kong and Macau.

Reportedly, the net profit of parent company China Life rose 29.22% year on year to RMB 13.92 billion in the first half of this year. Earnings per share were RMB 0.49, according to the interim report filed with the Shanghai Stock Exchange.



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