ANNOUNCEMENT
CONNECTED TRANSACTIONS
INVESTMENT IN PARTNERSHIPS THROUGH EQUITY INVESTMENT PLANS
The Board declares that the Company intends to contribute not more than RMB1,500,000,000 to the Xinyuan EIP established by CLI and enter into the Xinyuan Entrustment Contract with CLI by 31 December 2022 for such objective. All funds underneath the Xinyuan EIP shall be used for the subscription of restricted partnership curiosity within the Xinyuan Partnership. In this connection, CLI will, on behalf of the Xinyuan EIP and as a restricted associate, enter into the Xinyuan Partnership Agreement with Guangzhou Jinhong and Guoneng Fund Management (every as a normal associate), and Guoneng Low-Carbon Fund and Longyuan Power (every as a restricted associate). China Life Jinshi will function the supervisor of the Xinyuan Partnership.
The Board additional declares that the Company and CLP&C intend to contribute not more than RMB2,400,000,000 and RMB600,000,000, respectively, to the Xindian EIP established by CLI and enter into the Xindian Entrustment Contract with CLI by 31 December 2022 for such objective. All funds underneath the Xindian EIP shall be used for the subscription of restricted partnership curiosity within the Xindian Partnership. In this connection, CLI will, on behalf of the Xindian EIP and as a restricted associate, enter into the Xindian Partnership Agreement with Guangzhou Jinhong (as the overall associate) and CHD (as a restricted associate). China Life Jinshi will function the supervisor of the Xindian Partnership.
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CLIC, the controlling shareholder of the Company, at present holds roughly 68.37% of the issued share capital of the Company, and is a related particular person of the Company. As CLIC holds 100% of the fairness curiosity in CLI and 60% of the fairness curiosity in CLP&C, and not directly holds 100% of the fairness curiosity in China Life Jinshi, every of CLI, CLP&C and China Life Jinshi is a related particular person of the Company. Guangzhou Jinhong is an entirely-owned subsidiary of China Life Jinshi, and is subsequently additionally a related particular person of the Company. As such, the transactions regarding the funding within the Xinyuan Partnership and the Xindian Partnership represent related transactions of the Company underneath Chapter 14A of the Listing Rules. Given that a number of of the relevant proportion ratios in respect of the transactions, on a standalone or aggregated foundation, are greater than 0.1% however lower than 5%, the transactions are topic to the reporting and announcement necessities however exempt from the unbiased shareholders’ approval requirement underneath Chapter 14A of the Listing Rules.
Given that every one relevant proportion ratios in respect of the administration charges payable to China Life Jinshi, the supervisor of the Xinyuan Partnership and the Xindian Partnership, on an aggregated foundation, are lower than 0.1%, the association for the fee of administration charges is exempt from the reporting, announcement and unbiased shareholders’ approval necessities underneath Chapter 14A of the Listing Rules.
BACKGROUND
The Board declares that the Company intends to contribute not more than RMB1,500,000,000 to the Xinyuan EIP established by CLI and enter into the Xinyuan Entrustment Contract with CLI by 31 December 2022 for such objective. All funds underneath the Xinyuan EIP shall be used for the subscription of restricted partnership curiosity within the Xinyuan Partnership. In this connection, CLI will, on behalf of the Xinyuan EIP and as a restricted associate, enter into the Xinyuan Partnership Agreement with Guangzhou Jinhong and Guoneng Fund Management (every as a normal associate), and Guoneng Low-Carbon Fund and Longyuan Power (every as a restricted associate). China Life Jinshi will function the supervisor of the Xinyuan Partnership.
The Board additional declares that the Company and CLP&C intend to contribute not more than RMB2,400,000,000 and RMB600,000,000, respectively, to the Xindian EIP established by CLI and enter into the Xindian Entrustment Contract with CLI by 31 December 2022 for such objective. All funds underneath the Xindian EIP shall be used for the subscription of restricted partnership curiosity within the Xindian Partnership. In this connection, CLI will, on behalf of the Xindian EIP and as a restricted associate, enter into the Xindian Partnership Agreement with Guangzhou Jinhong (as the overall associate) and CHD (as a restricted associate). China Life Jinshi will function the supervisor of the Xindian Partnership.
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PARTICULARS OF THE INVESTMENT IN THE XINYUAN PARTNERSHIP
Principal Terms of the Xinyuan Entrustment Contract
Parties
• |
Entrusting social gathering: the Company |
Contribution to the Xinyuan EIP
The Company will contribute not more than RMB1,500,000,000 to the Xinyuan EIP established by CLI. The capital contribution to be made by the Company was decided by the Company based mostly on its asset allocation requirement, and shall be funded by its inner sources.
Investment Targets
All funds underneath the Xinyuan EIP shall be used for the subscription of restricted partnership curiosity within the Xinyuan Partnership.
Management Fee
During the time period of the Xinyuan EIP, CLI will cost a administration charge to the Company on the charge fee of 0.09% each year in respect of the funding and administration providers offered by it underneath the Xinyuan EIP.
The association for the fee of administration charge by the Company to CLI as described above falls into the scope of continuous related transactions underneath the Agreement for Entrusted Investment and Management and Operating Services with respect to Alternative Investments with Insurance Funds entered into between the Company and CLI, and such administration charge shall be included within the annual caps of the related years underneath the settlement. For particulars, please seek advice from the announcement of the Company dated 28 October 2021 and the round of the Company dated 30 November 2021.
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Principal Terms of the Xinyuan Partnership Agreement
Parties
• |
General companions and managing companions: Guangzhou Jinhong and Guoneng Fund Management |
• |
Limited companions: CLI (on behalf of the Xinyuan EIP), Guoneng Low-Carbon Fund and Longyuan Power |
Capital Contribution and Payment
The complete capital contribution by all companions of the Xinyuan Partnership shall be RMB3,002,000,000. The capital contribution to be made by every of the companions is ready out as follows:
Partner | Type | Capital Contribution | Percentage | |||||||
Guangzhou Jinhong |
General associate | RMB1,000,000 | 0.033 | % | ||||||
Guoneng Fund Management |
General associate | RMB1,000,000 | 0.033 | % | ||||||
CLI (on behalf of the Xinyuan EIP) |
Limited associate | RMB1,500,000,000 | 49.967 | % | ||||||
Guoneng Low-Carbon Fund |
Limited associate | RMB1,000,000,000 | 33.311 | % | ||||||
Longyuan Power |
Limited associate | RMB500,000,000 | 16.656 | % | ||||||
Total |
RMB3,002,000,000 | 100 | % |
CLI (on behalf of the Xinyuan EIP and as a restricted associate) shall make its capital contribution by instalment in response to the necessities specified within the demand word issued by Guangzhou Jinhong for fee of the capital contribution. Guangzhou Jinhong shall usually subject the demand word for fee of the capital contribution to all of the restricted companions at the very least 10 enterprise days prematurely.
Term
The interval from the fee due date set forth within the demand word for fee to be served by Guangzhou Jinhong to the restricted companions (the “First Closing Date“) to the third anniversary of the First Closing Date shall be the funding interval of the Xinyuan Partnership. The interval from the date instantly following the expiry of the funding interval to the fifth anniversary of the First Closing Date shall be the exit interval of the Xinyuan Partnership. Guangzhou Jinhong could lengthen the funding interval and/or the exit interval of the Xinyuan Partnership for one 12 months. Any additional extension of the funding interval and/or exit interval of the Xinyuan Partnership shall be topic to the approval of the companions’ assembly.
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Management
Guangzhou Jinhong and Guoneng Fund Management, the overall companions, shall function the managing companions, which shall be chargeable for the chief features and funding operations of the Xinyuan Partnership. The Xinyuan Partnership shall pay an government efficiency charge to Guoneng Fund Management, which shall be shared by all of the restricted companions. The quantity of the annual government efficiency charge shall be 0.115% of the stability of the paid-in capital contributions of all of the restricted companions. No government efficiency charge shall be charged by Guangzhou Jinhong.
China Life Jinshi will function the supervisor of the Xinyuan Partnership for the availability of day by day operation and funding administration providers to the Xinyuan Partnership. The Xinyuan Partnership shall pay a administration charge to the supervisor in relation to such providers, which shall be shared by all of the restricted companions. The quantity of the annual administration charge shall be 0.115% of the stability of the paid-in capital contributions of all of the restricted companions.
The Xinyuan Partnership shall set up an funding advisory committee comprising three members, and every of the restricted companions shall have the proper to nominate one member. The major duties and obligations of the funding advisory committee embody: (a) coping with any issues involving conflicts of curiosity and associated social gathering transactions, (b) contemplating whether or not any funding to be made by the Xinyuan Partnership is in compliance with the necessities of relevant legal guidelines and laws, and (c) contemplating the valuation strategies in reference to the belief of non-money belongings of the Xinyuan Partnership. All issues thought of by the funding advisory committee shall be unanimously accepted by all of its members.
The Xinyuan Partnership shall set up an funding resolution committee comprising 5 members, of which Guangzhou Jinhong shall have the proper to appoint two members, and Guoneng Fund Management shall have the proper to appoint three members. The funding resolution committee shall be primarily chargeable for the choice making with respect to the funding of the Xinyuan Partnership and its exit from funding initiatives.
Investment Scope and Restrictions
Subject to compliance with the necessities underneath relevant legal guidelines and laws with respect to funding by insurance coverage funds, the Xinyuan Partnership will primarily spend money on inexperienced and low-carbon funding targets (akin to wind energy, photovoltaic energy, vitality storage and different clear vitality initiatives), the choice of which shall be consistent with the related industrial coverage steerage of the PRC and the venture qualification necessities, and the funding goal shall have an inner fee of return in compliance with related funding requirements.
The amassed quantity of funding to be made by the Xinyuan Partnership in any single venture shall not exceed 50% of the entire capital contribution by all companions of the Xinyuan Partnership.
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Profit Distribution
The distributable income of the Xinyuan Partnership shall be distributed on the time of exit from an funding venture within the following order:
(a) |
the income shall first be distributed to CLI, till it has obtained, on a cumulative foundation, the income calculated at an annual fee of return of 6% in respect of its paid-in capital contribution to the funding venture from which the Xinyuan Partnership has exited, and in addition recovered its paid-in capital contribution to such funding venture; |
(b) |
the stability (if any) shall be distributed to Guangzhou Jinhong, till it has obtained, on a cumulative foundation, the income calculated at an annual fee of return of 6% in respect of its paid-in capital contribution to the funding venture from which the Xinyuan Partnership has exited, and in addition recovered its paid-in capital contribution to such funding venture; |
(c) |
the stability (if any) shall be distributed to Guoneng Low-Carbon Fund and Longyuan Power, till every of them has obtained, on a cumulative foundation, the income calculated at an annual fee of return of 6% in respect of its paid-in capital contribution to the funding venture from which the Xinyuan Partnership has exited, and in addition recovered its paid-in capital contribution to such funding venture; |
(d) |
the stability (if any) shall be distributed to Guoneng Fund Management, till it has obtained, on a cumulative foundation, the income calculated at an annual fee of return of 6% in respect of its paid-in capital contribution to the funding venture from which the Xinyuan Partnership has exited, and in addition recovered its paid-in capital contribution to such funding venture; |
(e) |
the remaining distributable income (if any) shall be thought to be extra income, which shall be distributed between the overall companions and restricted companions on the time of exit from the final funding venture. The allocation proportion shall be decided based mostly on the benchmark fee of return specified within the Xinyuan Partnership Agreement, and the allocation to CLI shall be not more than 20% of the surplus income. |
Loss Sharing
Any money owed of the Xinyuan Partnership shall be shared by all companions in proportion to their respective capital contributions, offered, nevertheless, that the restricted companions shall be accountable for the money owed of the Xinyuan Partnership as much as the quantity of their respective capital contributions, and the overall companions shall bear the limitless joint and a number of other legal responsibility for the money owed of the Xinyuan Partnership.
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PARTICULARS OF THE INVESTMENT IN THE XINDIAN PARTNERSHIP
Principal Terms of the Xindian Entrustment Contract
Parties
• |
Entrusting events: the Company and CLP&C |
Contribution to the Xindian EIP
The Company and CLP&C will contribute not more than RMB2,400,000,000 and RMB600,000,000, respectively, to the Xindian EIP established by CLI. The capital contribution to be made by the Company was decided by the Company based mostly on its asset allocation requirement, and shall be funded by its inner sources.
Investment Targets
All funds underneath the Xindian EIP shall be used for the subscription of restricted partnership curiosity within the Xindian Partnership.
Management Fee
During the time period of the Xindian EIP, CLI will cost a administration charge to the Company and CLP&C on the charge fee of 0.04% each year in respect of the funding and administration providers offered by it underneath the Xindian EIP.
The association for the fee of administration charge by the Company to CLI as described above falls into the scope of continuous related transactions underneath the Agreement for Entrusted Investment and Management and Operating Services with respect to Alternative Investments with Insurance Funds entered into between the Company and CLI, and such administration charge shall be included within the annual caps of the related years underneath the settlement. For particulars, please seek advice from the announcement of the Company dated 28 October 2021 and the round of the Company dated 30 November 2021.
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Principal Terms of the Xindian Partnership Agreement
Parties
• |
General associate and managing associate: Guangzhou Jinhong |
• |
Limited companions: CLI (on behalf of the Xindian EIP) and CHD |
Capital Contribution and Payment
The complete capital contribution by all companions of the Xindian Partnership shall be RMB6,001,000,000. The capital contribution to be made by every of the companions is ready out as follows:
Partner | Type | Capital Contribution | Percentage (Note) | |||||||
Guangzhou Jinhong |
General associate | RMB1,000,000 | 0.017 | % | ||||||
CLI (on behalf of the Xindian EIP) |
Limited associate | RMB3,000,000,000 | 49.992 | % | ||||||
CHD |
Limited associate | RMB3,000,000,000 | 49.992 | % | ||||||
Total |
RMB6,001,000,000 | 100 | % |
Note: The discrepancy between the entire and the sum of quantities within the desk above is because of rounding.
CLI (on behalf of the Xindian EIP and as a restricted associate) shall make its capital contribution by instalment in response to the necessities specified within the demand word issued by Guangzhou Jinhong for fee of the capital contribution. Guangzhou Jinhong shall usually subject the demand word for fee of the capital contribution to all of the restricted companions at the very least 10 enterprise days prematurely.
Term
The interval from the fee due date set forth within the demand word for fee to be served by Guangzhou Jinhong to the restricted companions (the “First Closing Date“) to the fifth anniversary of the First Closing Date shall be the funding interval of the Xindian Partnership. The interval from the date instantly following the expiry of the funding interval to the sixth anniversary of the First Closing Date shall be the exit interval of the Xindian Partnership. Guangzhou Jinhong could lengthen the exit interval of the Xindian Partnership for one 12 months. Any additional extension of the exit interval of the Xindian Partnership shall be topic to the approval of the companions’ assembly.
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Management
Guangzhou Jinhong, the overall associate, shall function the managing associate, which shall be chargeable for the chief features and funding operations of the Xindian Partnership. China Life Jinshi will function the supervisor of the Xindian Partnership for the availability of day by day operation and funding administration providers to the Xindian Partnership. The Xindian Partnership shall pay a administration charge to the supervisor in relation to such providers, which shall be shared by all of the restricted companions. The quantity of the annual administration charge shall be 0.39% of the stability of the paid-in capital contributions of all of the restricted companions.
The Xindian Partnership shall set up an funding advisory committee comprising three members, of which CLI shall have the proper to nominate two members, and CHD shall have the proper to nominate one member. The major duties and obligations of the funding advisory committee embody: (a) coping with any issues involving conflicts of curiosity and associated social gathering transactions, (b) contemplating whether or not any funding to be made by the Xindian Partnership is in compliance with the necessities of relevant legal guidelines and laws, and (c) contemplating the valuation strategies in reference to the belief of non-money belongings of the Xindian Partnership.
The Xindian Partnership shall set up an funding resolution committee comprising 4 members, of which Guangzhou Jinhong shall have the proper to appoint one member, China Life Jinshi shall have the proper to appoint one member, and CHD shall have the proper to appoint two members. The funding resolution committee shall be primarily chargeable for the choice making with respect to the funding of the Xindian Partnership and its exit from funding initiatives.
Investment Scope and Restrictions
Subject to compliance with the necessities underneath relevant legal guidelines and laws with respect to funding by insurance coverage funds, the Xindian Partnership will primarily spend money on fairness pursuits of unlisted enterprises within the clear vitality sectors akin to wind energy, photovoltaic energy and vitality storage, and the funding goal shall have an inner fee of return in compliance with related funding requirements.
The amassed quantity of funding to be made by the Xindian Partnership in any single venture shall not exceed 50% of the entire capital contribution by all companions of the Xindian Partnership.
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Profit Distribution
The distributable income of the Xindian Partnership shall be distributed to the companions (i) on an annual foundation and (ii) on the time of exit from funding initiatives.
(i) |
The annual revenue distribution shall be made within the following order: |
(a) |
the annual income shall first be distributed to CLI at an annual fee of 6%; |
(b) |
the stability (if any) shall be distributed to Guangzhou Jinhong at an annual fee of 6%; |
(c) |
the stability (if any) shall be distributed to CHD at an annual fee of 6%; |
(d) |
the stability (if any) shall be retained within the Xindian Partnership for money administration and can be utilized for the annual revenue distribution for subsequent 12 months. |
(ii) |
The revenue distribution on the time of exit from an funding venture shall be made within the following order: |
(a) |
the income shall be distributed to every of the companions, till every of them has recovered its paid-in capital contribution to the funding venture from which the Xindian Partnership has exited. If the distributable income are inadequate to refund the paid-in capital contributions made by all companions to such venture, then the distribution shall be made in proportion to their respective paid-in capital contributions; |
(b) |
the stability (if any) shall be distributed to every of the companions, till every of them has obtained, on a cumulative foundation, the income calculated at an annual fee of return of 6% in respect of its paid-in capital contribution to the funding venture from which the Xindian Partnership has exited. If the distributable income are inadequate to pay the income described on this merchandise (b) to all companions, then the distribution shall be made in proportion to their respective paid-in capital contributions; |
(c) |
the remaining distributable income (if any) shall be thought to be extra income, which shall be distributed amongst all companions in proportion to their respective paid-in capital contributions. |
Loss Sharing
Any money owed of the Xindian Partnership shall be shared by all companions in proportion to their respective capital contributions, offered, nevertheless, that the restricted companions shall be accountable for the money owed of the Xindian Partnership as much as the quantity of their respective capital contributions, and the overall associate shall bear the limitless joint and a number of other legal responsibility for the money owed of the Xindian Partnership.
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REASONS FOR AND BENEFITS OF THE TRANSACTIONS
The transactions relating to the Company’s funding within the Xinyuan Partnership (via the Xinyuan EIP) and the Xindian Partnership (via the Xindian EIP) will facilitate the Company to enhance its effectivity in using insurance coverage funds, give play to the skilled capacity of CLI, and diversify dangers and obtain secure revenue by capitalizing on the funding portfolio benefits. The Xinyuan Partnership and the Xindian Partnership will primarily spend money on clear vitality initiatives akin to wind energy, photovoltaic energy and vitality storage. After being put into operation, these initiatives can generate secure money circulation with a comparatively low operation and upkeep prices, which shall be consistent with the necessities of insurance coverage funds allocation. In addition, the participation in such initiatives will assist the Company optimize the construction of its belongings allocation, obtain the purpose of fostering the expansion of the clear vitality trade, implement the nationwide “Dual Carbon” technique, and promote inexperienced and low-carbon transformation, with a view to bolstering the event of the actual financial system.
The Directors (together with the unbiased non-government Directors) are of the view that the transactions relating to the funding within the Xinyuan Partnership and the Xindian Partnership are carried out by the Company in its bizarre and typical course of enterprise, on regular industrial phrases, are honest and affordable and within the pursuits of the Company and its shareholders as an entire. As Mr. Wang Bin, Mr. Su Hengxuan, Mr. Yuan Changqing and Mr. Wang Junhui could also be thought to be having an curiosity within the transactions, they’ve abstained from voting on the resolutions of the Board to approve the transactions.
RISKS OF THE TRANSACTIONS
The dangers of the transactions primarily embody: (a) the adjustments in macro-management coverage, monetary and taxation coverage, industrial coverage, legal guidelines and laws, in addition to the adjustments in financial cycle and aggressive panorama of regional markets which can have impacts on the worth of initiatives invested by the Xinyuan Partnership and the Xindian Partnership, and (b) the working danger arising from the administration and operation by the overall companions and the supervisor of the belongings of the Xinyuan Partnership and the Xindian Partnership.
LISTING RULES IMPLICATIONS
CLIC, the controlling shareholder of the Company, at present holds roughly 68.37% of the issued share capital of the Company, and is a related particular person of the Company. As CLIC holds 100% of the fairness curiosity in CLI and 60% of the fairness curiosity in CLP&C, and not directly holds 100% of the fairness curiosity in China Life Jinshi, every of CLI, CLP&C and China Life Jinshi is a related particular person of the Company. Guangzhou Jinhong is an entirely-owned subsidiary of China Life Jinshi, and is subsequently additionally a related particular person of the Company. As such, the transactions regarding the funding within the Xinyuan Partnership and the Xindian Partnership represent related transactions of the Company underneath Chapter 14A of the Listing Rules. Given that a number of of the relevant proportion ratios in respect of the transactions, on a standalone or aggregated foundation, are greater than 0.1% however lower than 5%, the transactions are topic to the reporting and announcement necessities however exempt from the unbiased shareholders’ approval requirement underneath Chapter 14A of the Listing Rules.
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Given that every one relevant proportion ratios in respect of the administration charges payable to China Life Jinshi, the supervisor of the Xinyuan Partnership and the Xindian Partnership, on an aggregated foundation, are lower than 0.1%, the association for the fee of administration charges is exempt from the reporting, announcement and unbiased shareholders’ approval necessities underneath Chapter 14A of the Listing Rules.
GENERAL INFORMATION
The Company is without doubt one of the main life insurance coverage corporations within the PRC. It gives private insurance coverage companies, together with life insurance coverage, medical health insurance and accident insurance coverage companies, reinsurance regarding the above insurance coverage companies, use of funds permitted by relevant PRC legal guidelines and laws or the State Council, in addition to all sorts of private insurance coverage providers, consulting enterprise and company enterprise, sale of securities funding funds, and different companies permitted by the CBIRC.
CLIC, the controlling shareholder of the Company, gives insurance coverage insurance policies to teams and people, that are managed by the Company underneath the coverage administration agreements. CLIC is held as to 90% and 10% by the Ministry of Finance of the PRC and the National Council for Social Security Fund, respectively.
CLP&C is a non-wholly owned subsidiary of CLIC, with a registered capital of RMB18,800 million. Its scope of enterprise consists of: property and casualty insurance coverage, legal responsibility insurance coverage, credit score and assure insurance coverage, quick-time period medical health insurance and unintentional damage insurance coverage, reinsurance in reference to the above insurance coverage companies, insurance coverage fund utility enterprise permitted underneath the PRC legal guidelines and laws and different companies accepted by the CBIRC.
CLI is an entirely-owned subsidiary of CLIC, with a registered capital of RMB3,700 million. Its principal enterprise consists of: the administration funds in RMB and international forex underneath entrustment, engagement in different funding enterprise, administration and utility of its personal funds in RMB and international forex, enterprise involving insurance coverage asset administration merchandise akin to debt funding schemes and fairness funding plans, provision of consulting providers regarding asset administration, in addition to different companies accepted by the CBIRC and different departments of the State Council.
China Life Jinshi is an entirely-owned subsidiary of CLI, with a registered capital of RMB200 million. China Life Jinshi obtained the qualification of personal fairness fund supervisor from the Asset Management Association of China in April 2018, and acquired the Notice for the Registration of Insurance Private Equity Funds in January 2020, thus qualifying as an insurance coverage personal fairness fund supervisor. The scope of enterprise of China Life Jinshi consists of: asset administration (unique of initiatives topic to approval), funding consulting providers, company funding with its personal funds, funding administration providers, fairness funding, and fairness funding administration. China Life Jinshi is a platform for skilled funding administration of funds inside CLIC for the particular alternative and inclusive financing sector. China Life Jinshi has amassed intensive expertise within the above sectors and established an excellent relationship of cooperation with the important thing market individuals. It manages plenty of funding merchandise of the identical sort with a passable efficiency monitor file.
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Guangzhou Jinhong is an entirely-owned subsidiary of China Life Jinshi, with a registered capital of RMB2 million. It is principally engaged in asset administration (unique of initiatives topic to approval), funding consulting providers, company funding with its personal funds, funding administration providers, fairness funding, and fairness funding administration.
Longyuan Power is a number one wind energy technology firm within the PRC and is primarily engaged within the design, improvement, development, administration and operation of wind farms. In addition to the wind energy enterprise, Longyuan Power additionally operates different energy initiatives akin to coal energy, solar energy, tidal, biomass and geothermal vitality. Meanwhile, Longyuan Power additionally offers session, restore and upkeep, coaching and different skilled providers to wind farms, and manufactures and sells energy tools used within the energy grids, wind farms and coal energy vegetation. Shares of Longyuan Power are listed on the Stock Exchange (inventory code: 00916) and its final useful house owners is CHN Energy.
Guoneng Fund Management is a supervisor of personal fairness funding fund and enterprise capital fund registered within the Asset Management Association of China. As the administration and operation platform of CHN Energy’s industrial fund, Guoneng Fund Management has a fund scale of RMB6,001 million underneath administration. It maximizes the pursuits of its companions by counting on its shareholders’ venture expertise and useful resource endowment benefits within the funding in vitality sector. The final useful proprietor of Guoneng Fund Management is CHN Energy.
Guoneng Low-Carbon Fund is a non-public fairness funding fund established by a number of subsidiaries of CHN Energy (as restricted companions) and Guoneng Fund Management (as the overall associate and the supervisor), which is primarily used for the funding in inexperienced and low-carbon initiatives.
CHN Energy, a state-owned enterprise established underneath the legal guidelines of the PRC, operates eight enterprise segments together with coal, thermal energy, new vitality, hydropower, transportation, chemical, environmental applied sciences and finance, and is the world’s largest producer of coal, thermal energy, wind energy, in addition to coal-to-liquids and coal chemical merchandise. The precise controller of CHN Energy is the State-owned Assets Supervision and Administration Commission of the State Council.
CHD is a state-owned enterprise established underneath the legal guidelines of the PRC, and its principal enterprise consists of energy technology, warmth technology and provide, improvement of major vitality in relation to electrical energy (akin to coal) and associated skilled expertise providers. The precise controller of CHD is the State-owned Assets Supervision and Administration Commission of the State Council.
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DEFINITIONS
In this announcement, until the context in any other case requires, the next expressions have the next meanings:
“Board” |
the board of Directors of the Company |
|
“CBIRC” |
China Banking and Insurance Regulatory Commission |
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“CHD” |
中國華電集團有限公司 (China Huadian Corporation Ltd.), a state-owned enterprise established underneath the legal guidelines of the PRC |
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“China Life Jinshi” |
國壽金石資產管理有限公司 (China Life Jinshi Asset Management Company Limited), an organization established underneath the legal guidelines of the PRC with restricted legal responsibility, and an oblique wholly-owned subsidiary of CLIC |
|
“CHN Energy” |
國家能源投資集團有限責任公司 (CHN Energy Investment Corporation Limited), a state-owned enterprise established underneath the legal guidelines of the PRC |
|
“CLI” |
國壽投資保險資產管理有限公司 (China Life Investment Management Company Limited), an organization established underneath the legal guidelines of the PRC with restricted legal responsibility, and an entirely-owned subsidiary of CLIC |
|
“CLIC” |
中國人壽保險(集團)公司 (China Life Insurance (Group) Company), a state-owned enterprise established underneath the legal guidelines of the PRC, and the controlling shareholder of the Company |
|
“CLP&C” |
中國人壽財產保險股份有限公司 (China Life Property and Casualty Insurance Company Limited), a joint inventory restricted legal responsibility firm integrated underneath the legal guidelines of the PRC, and a non-wholly owned subsidiary of CLIC owned as to 60% by CLIC and 40% by the Company |
|
“Company” |
China Life Insurance Company Limited, a joint inventory restricted legal responsibility firm established underneath the legal guidelines of the PRC |
|
“connected person” |
has the that means given to it underneath the Listing Rules |
|
“controlling shareholder” |
has the that means given to it underneath the Listing Rules |
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“Directors” |
the administrators of the Company |
|
“Guangzhou Jinhong” |
廣州金宏資產管理有限公司 (Guangzhou Jinhong Asset Management Co., Ltd.), an organization established underneath the legal guidelines of the PRC with restricted legal responsibility, and an entirely-owned subsidiary of China Life Jinshi |
|
“Guoneng Fund Management” |
國能(北京)私募基金管理有限公司 (National Energy (Beijing) Private Equity Fund Management Co., Ltd.), an organization established underneath the legal guidelines of the PRC with restricted legal responsibility |
|
“Guoneng Low-Carbon Fund” |
北京國能綠色低碳發展投資基金(有限合夥)(Beijing Guoneng Green and Low-Carbon Development Investment Fund (Limited Partnership)), a restricted partnership established underneath the legal guidelines of the PRC |
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“Hong Kong” |
Hong Kong Special Administrative Region of the PRC |
|
“Listing Rules” |
the Rules Governing the Listing of Securities on the Stock Exchange |
|
“Longyuan Power” |
龍源電力集團股份有限公司 (China Longyuan Power Group Corporation Limited), a joint inventory restricted legal responsibility firm established underneath the legal guidelines of the PRC |
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“PRC” |
the People’s Republic of China, which for the needs of this announcement excludes Hong Kong, Macau Special Administrative Region and Taiwan Region |
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“RMB” |
Renminbi, the lawful forex of the PRC |
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“Stock Exchange” |
The Stock Exchange of Hong Kong Limited |
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“subsidiary(ies)” |
has the that means given to it underneath the Listing Rules |
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“Xindian EIP” |
國壽投資-新電壹號股權投資計劃 (CLI – Xindian No. 1 Equity Investment Plan)(the identify of which is topic to the registration with the Insurance Asset Management Association of China), an fairness funding plan to be established by CLI |
|
“Xindian Entrustment Contract” |
the entrustment contract to be entered into by the Company and CLP&C with CLI in respect of the institution of the Xindian EIP |
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“Xindian Partnership” |
北京新電壹號股權投資基金合夥企業(有限合夥) (Beijing Xindian No. 1 Equity Investment Fund Partnership (Limited Partnership)) (the identify of which is topic to the submitting with the division answerable for industrial and industrial administration), a restricted partnership to be established underneath the legal guidelines of the PRC |
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“Xindian Partnership Agreement” |
the partnership settlement to be entered into by CLI (on behalf of the Xindian EIP and as a restricted associate) with Guangzhou Jinhong (as the overall associate) and CHD (as a restricted associate) in respect of the formation of the Xindian Partnership |
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“Xinyuan EIP” |
國壽投資-新源壹號股權投資計劃 (CLI – Xinyuan No. 1 Equity Investment Plan)(the identify of which is topic to the registration with the Insurance Asset Management Association of China), an fairness funding plan to be established by CLI |
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“Xinyuan Entrustment Contract” |
the entrustment contract to be entered into by the Company with CLI in respect of the institution of the Xinyuan EIP |
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“Xinyuan Partnership” |
北京新源壹號股權投資基金合夥企業(有限合夥) (Beijing Xinyuan No. 1 Equity Investment Fund Partnership (Limited Partnership)) (the identify of which is topic to the submitting with the division answerable for industrial and industrial administration), a restricted partnership to be established underneath the legal guidelines of the PRC |
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“Xinyuan Partnership Agreement” |
the partnership settlement to be entered into by CLI (on behalf of the Xinyuan EIP and as a restricted associate) with Guangzhou Jinhong and Guoneng Fund Management (every as a normal associate), and Guoneng Low-Carbon Fund and Longyuan Power (every as a restricted associate) in respect of the formation of the Xinyuan Partnership |
By Order of the Board |
China Life Insurance Company Limited |
Heng Victor Ja Wei |
Company Secretary |
Hong Kong, 16 December 2021
As on the date of this announcement, the Board of the Company contains:
Executive Directors: |
Wang Bin, Su Hengxuan, Li Mingguang, Huang Xiumei |
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Non-executive Directors: |
Yuan Changqing, Wang Junhui |
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Independent Non-executive Directors: |
Tang Xin, Leung Oi-Sie Elsie, Lam Chi Kuen, Zhai Haitao |
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Disclaimer
China Life Insurance Co. Ltd. printed this content material on 16 December 2021 and is solely chargeable for the data contained therein. Distributed by Public, unedited and unaltered, on 16 December 2021 16:58:01 UTC.
Publicnow 2021
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Technical evaluation tendencies CHINA LIFE INSURANCE COMPANY LIMITED
Short Term | Mid-Term | Long Term | |
Trends | Neutral | Neutral | Bearish |
Income Statement Evolution
Sell ![]() Buy |
|
Mean consensus | BUY |
Number of Analysts | 23 |
Last Close Price | 10,59 CNY |
Average goal value | 15,03 CNY |
Spread / Average Target | 41,9% |