Taikang Life to introduce Goldman Sachs as two shareholder has been approved by CIRC

Source: Internet
Author: User
Keywords Shareholder Goldman Sachs Taikang Life Circ
Shenzhen SEZ News (reporter Wu fan) reporter learned yesterday from Taikang Life insurance Company, Goldman Sachs Group acquired Taikang Life 12.02% stake has been approved by the CIRC, but the financial details of the transaction has not been disclosed. It is understood that prior to March 11, the CIRC issued a notice approving the law of the Shengshishou will be held Taikang Life 133 million shares transferred to China Guardian International Auction Co., Ltd., New Deal TEDA Investment Co., Ltd. and Goldman Sachs.  After the transfer, the three companies held the shares of Taikang life 14.98%, 10.9% and 12.02% respectively, marking Goldman Sachs as the second largest shareholder of Taikang life.  The reporter was informed that the shareholding conversion of Taikang life has been many times since 2000, after the completion of foreign investment, Taikang life has introduced a number of financial institutions such as Switzerland Fung Tai Life, 2006 Axa has spent 10 billion U.S. dollars through the acquisition of Fung Tai Insurance to become Taikang life's shareholders. However, according to the regulations on the administration of equity of insurance companies, more than two insurance companies are controlled by the same institution or have control relations with each other, then they are required not to operate the same kind of insurance business which has conflict of interest or competition relationship. As Shengshishou, in addition to holding a stake in Taikang Life, also holds a 51% stake in Jinsheng Insurance and therefore does not conform to the CIRC's policy, so in November 2009, Shengshishou announced plans to sell the 15.6% stake in Taikang life.  It is reported that after the transfer of shares, Taikang life, the proportion of foreign shareholders will be reduced from 2000 24.9% to 24%. Taikang Life and Goldman Sachs both said the transfer would further enhance the competitiveness of Taikang life in corporate governance, risk management and internal control, as well as Goldman's involvement in the development of China's insurance industry. The two sides will also cooperate in the fields of investment management, product development and investment in domestic and foreign markets.
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