Guangzhou State-owned Assets intends to acquire a 10% stake in Pearl River Life Insurance.

Recently, a stock ownership change announcement disclosed by Pearl River Life Insurance Company showed that the company's third largest shareholder, Hengyang Hechuang Real Estate Development Co., Ltd., will transfer its 670 million shares of Pearl River Life Insurance to Guangzhou Guoyong State-owned Assets Management Co., Ltd., a wholly-owned subsidiary of Guangzhou Financial Holdings Group Co., Ltd. After this stock transfer is completed, Hechuang Real Estate will hold 600 million shares of Pearl River Life Insurance, accounting for 8.96% of the total shares of Pearl River Life Insurance; Guoyong State-owned Assets will hold 670 million shares of Pearl River Life Insurance, accounting for 10% of the total shares of Pearl River Life Insurance.