After market close on September 24, China Life Insurance Company Limited (601628.SH, share price RMB 37.43, market value RMB 1.06 trillion) disclosed that the listed company and other investors plan to enter into a partnership agreement with Guoshou Chengda (Shanghai) Healthcare Equity Investment Management Co., Ltd. (hereinafter referred to as Guoshou Chengda) to jointly establish Qingdao Chengxin Zhida Equity Investment Center (Limited Partnership) (the final name is subject to business registration information, hereinafter referred to as the partnership). The total subscribed capital contribution of all partners is planned to be no more than RMB 6 billion, of which China Life Insurance plans to subscribe no more than RMB 4.5 billion. The partnership will focus on investing in two major scientific and technological innovation fields: artificial intelligence and semiconductors.
Focusing on high-quality unlisted equity
According to the announcement, in this transaction, Guoshou Chengda will serve as the general partner and executive partner of the partnership, and Guoshou Equity Investment Co., Ltd. (hereinafter referred to as Guoshou Equity) will serve as the manager of the partnership. Guoshou Equity is an indirect wholly-owned subsidiary of China Life Insurance (Group) Company, the controlling shareholder of the listed company's controlling shareholder. Guoshou Chengda is a wholly-owned subsidiary of Guoshou Equity, and another investor, Wuxi Guoshou Chengda Equity Investment Center (Limited Partnership), is a private equity investment fund managed by Guoshou Equity. Therefore, the above three parties all constitute related parties of China Life Insurance, and this transaction constitutes a related-party transaction.
The basic information of the related parties shows that Guoshou Equity is a specialized platform engaged in private equity investment under the group company. As of June 30, 2026, the scale of funds managed by Guoshou Equity has exceeded RMB 50 billion. Its unaudited total assets were RMB 1.369 billion, net assets were RMB 1.153 billion, operating revenue in the first half of the year was RMB 253 million, and net profit was RMB 135 million. Guoshou Chengda is positioned as a general partner within Guoshou Equity, used to initiate the establishment of relevant limited partnership private equity funds. As of the end of June 2026, its unaudited total assets were RMB 778 million and net assets were RMB 765 million.
The announcement clearly states that the partnership will closely follow the policy orientation of scientific and technological self-reliance and industrial autonomy and controllability, focus on investing in the two major scientific and technological innovation fields of artificial intelligence and semiconductors, and focus on high-quality unlisted enterprise equity with core technical barriers, broad import substitution space, and outstanding long-term growth certainty in the industrial chain. The operating term of the partnership is 6 years. In terms of capital contribution, in addition to China Life Insurance's subscription of no more than RMB 4.5 billion, Guoshou Chengda as the general partner will subscribe no more than RMB 200 million, Guoshou Wuxi Fund will subscribe no less than RMB 200 million, and other investors will collectively subscribe no less than RMB 1 billion.
Increasing layout in the primary market
The announcement stated that this transaction is an important manifestation of supporting the development of emerging pillar industries and the policy of new quality productive forces, and will help the company build a rich investment layout in scientific and technological innovation and enhance the investment income of insurance funds. At the same time, the announcement also noted that this investment faces risks such as market competition risk, post-investment management risk, and exit risk.
This related-party transaction has been reviewed and approved by the 33rd meeting of the eighth board of directors of the company. Related directors abstained from voting. It did not reach the threshold for review by the shareholders' meeting and does not require approval from relevant departments.
It is worth noting that China Life Insurance's layout in the AI field is not only reflected on the investment side, but has also been deeply integrated into its own operations. According to the 2026 semi-annual report, China Life Insurance, relying on its enterprise-level artificial intelligence platform, has cumulatively built more than 90 digital intelligence application scenarios and more than 500 intelligent agents, achieving deep coverage and intelligent empowerment in core areas such as sales support, operations management, and customer service. At the same time, the intelligent underwriting review rate reached 96.8%, the digital underwriter operation rate exceeded 37%, the intelligent review rate of policyholder services reached 99%, and the proportion of claims cases handled through digital intelligence services exceeded 75%.