China Life Insurance plans to clear stock and reduce holdings in Hangzhou Bank.

On July 15, Hangzhou Bank announced that its shareholder China Life Insurance intends to reduce its holdings of the company's shares through centralized bidding or block trading within three months after the disclosure of the announcement, for a total of no more than 50.7894 million shares, or 0.70% of the total share capital. The reduction price and timing will be determined based on market conditions. As of now, China Life holds a total of 50.7894 million shares of Hangzhou Bank, accounting for 0.70% of the total ordinary shares of Hangzhou Bank. According to the commitment made during Hangzhou Bank's IPO period, China Life shall notify the company in advance and make an announcement before reducing its holdings of the company's shares after the lock-up period expires, and the reduction can only take place after three trading days from the announcement date.