Temasek exits New China Life via share sell-down
Temasek Holdings has exited its entire stake in New China Life Insurance, China’s third-largest life insurer, raising HK$2.14 billion ($276 million).
According to Reuters, the Singapore sovereign wealth fund had sold 78 million shares in New China Life at HK$27.45 per share on Friday, after offering the stock in a HK$27.30-27.85 apiece indicative range.
The share sale represented a 5.5% discount to the stock's HK$29.05 close on Friday. New China Life's leading shareholder is Central Huijin, a unit of China Investment Corp.
AVCJ Research records' show Temasek and Standard Chartered Private Equity jointly invested RMB1.58 billion ($238 million) in the insurer at the end of 2010. The firm went public in December 2011, raising $1.9 billion in its dual Hong Kong and Shanghai listing.
Goldman Sachs and UBS AG managed the selldown.
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