Home > Community > China Biz > China Life cuts stake in CITIC Securities

China Life cuts stake in CITIC Securities

Published: 13 Mar 2009 01:58:43 PST

Mar. 13, 2009 (China Knowledge) - China Life Insurance Co Ltd<601628><2628><LFC>, the largest insurer in the country, and its parent reduced their shareholdings in CITIC Securities Co Ltd<600030> to 12.32% from the previous 17.32%, according to a statement the securities firm filed to the Shanghai Stock Exchange on Thursday.

As of Mar. 11, China Life held a 7.458% stake in CITIC Securities, down from 12.006% in April 2008, while the insurer's parent owned 4.865% of the brokerage, down from 5.317%, said CITIC Securities without disclosing the reason of the stake cut.

The Chinese insurer and its parent company bought most of their shares in CITIC Securities in a private placement by the brokerage in June 2006.

H-shares of China Life edged up 1.8% to close at HK$22.60 on Thursday.

Copyright © 2009 www.chinaknowledge.com

Send feedback or comments to: news@chinaknowledge.com

For more news, financial weekly reports, business guides to China and other premium information, subscribe to China Knowledge today:

To access our page on Bloomberg, type CKFI