China Life Insurance (02628) plans to establish a partnership enterprise, with investment focus around major national strategies, and a key coverage in strategic emerging industries.

China Life Insurance (02628) announced that the company, the Fujian government, and Fuzhou Jintou (all as limited partners) intend to enter into a partnership agreement with Jin Hong Zhi Yuan (as a general partner) and Fuzhou He Rui (as a special limited partner) to establish a partnership enterprise. The total amount of capital to be contributed by all partners of the partnership enterprise is planned to be RMB 4.015 billion, with the company intending to contribute RMB 2.8 billion. China Life Investment will act as the manager of the partnership enterprise. The company (as a limited partner) also intends to enter into a subsidiary agreement with Jin Hong Zhi Yuan (as a general partner) and China Life Investment (as the manager) to make certain clauses of the partnership agreement applicable to the company. It is expected that the company will enter into a partnership agreement and subsidiary agreement with relevant parties by December 31, 2026. The group company is the controlling shareholder of the company and currently holds approximately 68.37% of the company's issued shares, making it a related party of the company. China Life Investment is an indirect wholly-owned subsidiary of the group company, and Jin Hong Zhi Yuan is a wholly-owned subsidiary of China Life Investment, making both China Life Investment and Jin Hong Zhi Yuan related parties of the group company. The partnership enterprise is focused on the private equity secondary market, investing in fund shares and restructuring funds to drive investments. The investment direction will revolve around serving new quality production forces, making significant advances in technology and finance, supporting the development of modern industrial systems, and covering strategic emerging industries such as new generation information technology, biomedicine, high-end manufacturing, new materials, new energy, and energy conservation and environmental protection. The partnership enterprise's investment direction will align with major national strategies and focus on strategic emerging industries in line with national priorities. It will primarily invest in operational private equity fund shares or projects with underlying asset certainty, risk diversification, shortened return cycles, valuation discounts, and preferred by insurance funds, offering a suitable investment value. This transaction will help the company seize the rapid development opportunities in the private equity secondary market, enhance equity investment quality and returns, and promote the development of China Life's technology ecosystem. Furthermore, the partnership enterprise will bring in important investment platforms from Fujian Province and Fuzhou City as external partners. Fujian Province has a well-developed private economy, good industrial foundation, and an active private equity investment ecosystem, which will facilitate the smooth implementation of the partnership enterprise's investments and subsequent operations.