China's leading state-owned insurers, China Life Insurance and New China Life Insurance (NCI), plan to jointly establish a 50 billion yuan ($7 billion) private fund to invest in publicly traded stocks following Beijing's call for insurance funds to help stabilize the volatile market.
Shanghai- and Hong Kong-traded NCI said in a Wednesday filing that it will partner with China Life, with each contributing 25 billion yuan for the private securities investment fund under the tentative name Honghu Private Securities Investment Fund.
