Tuesday March 25, 06:56 AM
China Life invests 300 million dollars in Visa IPO
SHANGHAI (AFP) - China Life said Tuesday it purchased nearly 300 million dollars of shares in Visa Inc's initial public offering, while the nation's sovereign wealth fund reportedly bought 100 million dollars' worth of shares.
China Life, the nation's largest life insurer, said in a statement that the performance of Visa's shares, which have risen 35.8 percent since last week's IPO in New York, indicated the purchase was "a successful investment".
The official Caijing magazine reported late Monday that China Investment Corp, the 200-billion-dollar sovereign wealth fund, had also invested more than 100 million dollar in the IPO, citing unnamed sources.
The shares bought by China Investment Corp and China Life do not have a lock-up period but the two companies would hold the shares as long-term investment, sources were quoted as saying.
A spokeswoman with China Investment Corp declined to comment when contacted by AFP Tuesday.
Chinese insurers are turning into increasingly active buyers of foreign assets.
Last week, China's No. 2 life insurer Ping An Insurance announced it planned to buy 50 percent in the asset management arm of Belgian-Dutch financial group Fortis (Amsterdam: FOO.AS - news) for 2.15 billion euros (3.35 billion dollars).
|
|
|
Send Article by Email
Send Article by IM
Blog This with Y! 360
Printable View
