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RTNominal up14.520 +0.040 (+0.276%)

20/12/2019 10:27

China Life (02628) to form partnership for elderly business

[ET Net News Agency, 20 December 2019] China Life Insurance Company Limited (02628)
said it intends to enter into a partnership agreement with China Life Qiyuan (as the
general partner) for the formation of a partnership.
The total initial capital amount of the partnership shall be RMB10 billion, of which no
more than RMB10 billion shall be contributed by the company, and no more than RMB10
million shall be contributed by China Life Qiyuan. CLEI will serve as the manager of the
CLIC, the controlling shareholder of the company, currently holds approximately 68.37%
of the issued share capital of the company. CLIC indirectly holds 100% of the equity
interest in China Life Qiyuan and CLEI.
The partnership will focus on the investment in the aged-care industry, including
industrial assets such as continuing care retirement communities, boutique apartments for
the aged in urban core areas and community home care services, as well as the upstream and
downstream businesses along the aged-care industry chain which are in line with the
development direction of the industry and permitted by regulatory authorities. (RC)

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