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China Life Seeks Investors
US-based Citigroup Inc. and Lehman Brothers Inc. are in talks to buy a significant share of China Life Insurance Co., which is looking to list on the Hong Kong Stock Exchange in the near future.

US-based Citigroup Inc. and Lehman Brothers Inc. are in talks to buy a significant share of China Life Insurance Co., which is looking to list on the Hong Kong Stock Exchange in the near future.

"We are talking to a lot of foreign companies, including Lehman Brothers and Citigroup," said Wang Xianzhang, general manager of China Life, the nation's largest life insurer. "We began talking with them this year."

Though he doesn't want to discuss the talks in detail, Miao Fuchun, vice president of China Life, said the insurance giant is looking to tie up with a foreign company that is very large and influential and has businesses complementary to China Life.

Under the current regulations governing overseas investment in Chinese insurance companies, homegrown insurers can sell up to a 25 percent stake to overseas investors.

Industry sources said that China Life is likely to sell the full 25 percent to the two overseas banks in hopes the move will quicken the company's restructuring plan allowing it to list in Hong Kong.

Citigroup declined to make any comments on the possible partnership yesterday.

"China Life is wise in choosing Citigroup as its potential partner," said Xu Wenhu, a professor at Fudan University. "As the owner of world-leading investment bank Salomon Smith Barney, Citigroup's tie-up with China Life would be helpful to the latter's listing plan in Hong Kong."

State-owned China Life, which split from the People's Insurance Co. of China in 1996, controlled assets worth 221 billion yuan (US$26.63 billion) at the end of last year. But, while it is the biggest insurer in China, it isn't the first to approach foreign investment.

New China Life Insurance Co. Ltd. and Taikang Life Insurance Co., two of China's second-tier life insurers, sold stakes to overseas investors in 2000.

"Selling a certain amount of shares to overseas firms helps Chinese insurers increase their capital bases and pick up expertise in designing and selling new insurance policies," said Jerry Xu, the former general manager of Taikang Life's Shanghai branch.

"For foreign financiers, the partnerships with Chinese insurers provide a springboard for them to enter the world's most populous nation," said Xu.

(eastday.com June 13, 2002)

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