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    2628   CNE1000002L3

CHINA LIFE INSURANCE COMPANY LIMITED

(2628)
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CHINA LIFE INSURANCE : ANNOUNCEMENT ON THE PROGRESS OF CONNECTED TRANSACTION IN RELATION TO THE SUBSCRIPTION OF CAPITAL INCREASE OF CHINA GUANGFA BANK - Form 6-K

11/29/2021 | 06:11am EST

CHINA LIFE INSURANCE COMPANY LIMITED

ANNOUNCEMENT ON THE PROGRESS OF CONNECTED TRANSACTION IN RELATION TO THE SUBSCRIPTION OF CAPITAL INCREASE OF CHINA GUANGFA BANK

At the thirty-sixth meeting of the sixth session of the Board of Directors (the "Board") of China Life Insurance Company Limited (the "Company"), the Board reviewed and approved the proposed subscription by the Company for additional shares to be issued by China Guangfa Bank ("CGB") (the "Transaction"). This Transaction constitutes a connected transaction of the Company. For detailed information, please refer to the Announcement on Connected Transaction of Proposed Subscription of Capital Increase of CGB filed by the Company on the website of Shanghai Stock Exchange (www.sse.com.cn) on May 27, 2021 (Lin 2021-025).

As of November 29, 2021, the Company has completed the execution of the Share Subscription Agreement (the "Agreement") with CGB (the "Subscription"). To maintain the Company's shareholding percentage in CGB, pursuant to the Agreement, the Company subscribed for 918,578,836 common shares of CGB with the par value of RMB 1.00 per share. The subscription price is RMB 8.7364 per share and RMB 8,025,072,142.83 in total.

Upon the completion of this Subscription, the Company will hold 9,519,210,262 shares of CGB and the shareholding percentage of the Company in CGB will remain to be 43.686%. This Subscription will not cause CGB to become a subsidiary of the Company or change the scope of the consolidated financial statements of the group (the Company and its subsidiaries).

The issuance of additional shares of CGB is subject to approvals by China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission and other regulatory authorities. The final status of the Transaction is subject to these approvals by relevant regulatory authorities.

Board of Directors of China Life Insurance Company Limited

November 29, 2021

Disclaimer

China Life Insurance Co. Ltd. published this content on 29 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 November 2021 11:09:16 UTC.


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Net income 2021 57 059 M 9 028 M 9 028 M
Net cash 2021 899 B 142 B 142 B
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Yield 2021 5,25%
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Mean consensus BUY
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Last Close Price 13,84 CNY
Average target price 14,49 CNY
Spread / Average Target 4,70%
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Heng Xuan Su President, CEO & Executive Director
Xiumei Huang CFO, Executive Director & Vice President
Chang Qing Yuan Chairman
Yuzeng Jia Chairman-Supervisory Board
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