China Life Insurance Company Limited (02628) has announced that its pension insurance subsidiary, a non-wholly-owned unit of the company, together with its property insurance subsidiary, another non-wholly-owned unit of the group, and other investors (each acting as a limited partner) intend to enter into a partnership agreement with SDIC Leading and another party that may be designated by other investors (each acting as a general partner) before December 31, 2026, for the purpose of establishing a partnership.
The total subscribed capital contribution of all partners of the partnership is proposed to be RMB 20 billion, of which the pension insurance subsidiary intends to subscribe RMB 2 billion. SDIC Leading will serve as the manager of the partnership.
The partnership will invest in both existing and incremental assets in Shanghai's three leading industries (integrated circuits, biomedicine, and artificial intelligence) through methods including fund share succession, direct equity investment (including but not limited to capital expansion, acquisition of existing shares, and merger and acquisition investments), as well as strategic placements, targeted additional share issuances, block trades, and negotiated transfers.
The partnership will focus its investments on key areas such as Shanghai's three leading industries (integrated circuits, biomedicine, and artificial intelligence), with an emphasis on taking over industrial fund shares primarily focused on major strategic investments and directing investments toward national major strategic projects.
The group's participation in these investments will enable it to cover leading enterprises in Shanghai's three leading industries on a large scale, presenting rare investment opportunities. Significantly enhancing the level of technological self-reliance and self-strengthening is one of the main goals of the national economic and social development during the "15th Five-Year Plan" period. This transaction is a strong manifestation of the group's commitment to advancing technology finance and supporting national technological self-reliance and self-strengthening. It aligns with the allocation needs of insurance funds and is expected to help improve the investment returns of insurance funds.