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China Life unit cuts stake in Jointo Energy

Published: 08 May 2009 01:09:25 PST

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May 8, 2009 (China Knowledge) - China Life Insurance Asset Management Co Ltd, an insurance asset management unit of the country's largest life insurance company, China Life Insurance Co Ltd<601628><2628><LFC>, sold a 1.8% stake, or 16.46 million shares, in Shenzhen-listed Jointo Energy Investment Co Ltd Hebei<000600> during the period from Mar. 16 to May 5, according to a statement released by Jointo Energy earlier today.

The shares were sold at an average price of RMB 6.46 and a total price of RMB 106.33 million, said the statement.

China Life Insurance Asset Management now owns 38.03 million shares, or a 4.16% stake in the Hebei-based company, compared with the 54.49 million shares or 5.96% stake it held previously.

The China Life unit said it sold shares to realize investment income, and that it will continue to trim its holdings in Jointo Energy during the next 12 months.

China Life Insurance Asset Management, which has a registered capital of RMB 1 billion, engages mainly in fixed return investment, equity investment, project investment and international business. It is the largest institutional investor in the domestic capital market, according to its company profile.

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