Zurich Insurance Pares New China Life Stake

by swisscham in Bank, Finance, Insurance

Zurich first reduced its stake in China’s third-largest life insurer by premium revenue ahead of the insurer’s dual listing in Shanghai and Hong Kong in December 2011, and has raised a total of USD 783 million including the recent share sale. Zurich said its wholly owned unit Zurich Insurance Co. sold 97.5 million New China Life H-shares, or 3.1% of the total share base, at HKD 22.50 (USD 2.90) each, representing a 6.4% discount to Thursday’s closing price of HKD 24.05. A person familiar with the situation said the capital gain realized through share sale will be about USD 152 million. New China Life’s Hong Kong-listed shares were down 6% at HKD 22.60 in afternoon trade, sharper than the benchmark index’s 0.75% decline.

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Your Swiss Business Platform in China

SwissCham China has roughly 600 company members. Our Chamber maintains a strong relationship with the Embassy of Switzerland, Swiss Global Enterprise, Swissnex and Switzerland Tourism. As the representative of the Swiss companies established in China, our goal is to help you to increase your business and visibility, especially amongst the Sino-Swiss business community.

Become A Member

Sign Up For Our Newsletter

  • This field is for validation purposes and should be left unchanged.
October 27, 2020
Published By shine.cn in Engineering / Manufacturing
October 21, 2020
Published By globenewswire.com in Hospitality / Tourism / Retail
October 15, 2020
Published By givaudan.com in Bilateral Relations
October 9, 2020
Published By chinadaily.com.cn in Engineering / Manufacturing
October 6, 2020
Published By globenewswire.com in Engineering / Manufacturing