China Taiping sale of CAs to final stage

February 16, China Taiping (00966.HK) announced that the sale of China and the whole of the interests of the Chinese must be approved, currently the sale to the final stage, pending the start of the buyer's routine formalities completed. CAS China is wholly-owned by the Hong Kong Civil Aid Holdings Limited (hereinafter referred to as "CAS Holdings"), headquartered in Shenzhen with a registered capital of HK $1 billion. In November 2009, China Taiping bought a 48.66% stake in CAS Holdings, plus previously held a stake, CAS Holdings became China Taiping wholly owned subsidiary.　　Civil service China has also become China's Taiping indirect ownership of insurance companies. June 10, 2010, the China Insurance Regulatory Commission issued the "Stock Rights management measures" began to implement, stipulating that "more than two insurance companies under the same body control or control of the relationship between the existence of conflicts of interest or competition in the same kind of insurance business."　　At present, China Taiping has two companies engaged in property insurance business in China and Taiping Insurance. The CIRC has approved the approval of 6 companies to become a new shareholder of CAS China on December 31, 2010, according to the China Insurance Regulatory Commission. Among them, Haikou Meilan International Airport Limited Liability company, Bohai International Trust Co., Ltd., Shanghai Heng Jia Mei Lian Development Co., Ltd. and Ningbo Yun-sheng Import and Export Co., Ltd. each contribution of HK $200 million subscription 20% shares,　　Shaanxi dongling Industry and Trade Group Co., Ltd. and Jin da Credit Guarantee Co., Ltd respectively invested HK $150 million and HK $50 million to subscribe for 15% and 5%. As the new shareholder of CAS Insurance, Haikou Meilan International Airport Limited Liability company itself is the Bohai International Trust Limited's main shareholder, 2 companies total 40% of the equity and inconsistent with regulatory requirements.　　The CIRC also requires the Bohai International Trust limited to transfer the shareholding to other investors within six months from the date of approval.　　China Peace said in its announcement that the sale would result in a net profit of about 993 million yuan (unaudited) and would be confirmed in the company's consolidated income statement for the year ended December 31, 2010. February 16, China Peace closed at 22.55 Hong Kong dollar, slightly down 0.44%.