SHANGHAI, Aug 31, 2009 (SinoCast Daily Business Beat via COMTEX) -- CIISF Quote Chart News PowerRating -- CITIC Securities Co., Ltd. (SHSE: 600030), in which insurance firms hold shares that account for 10.64% of the tradable shares of the Shanghai-listed firm, became the No. 1 heavily-weighted stock for insurance companies on the Shanghai and Shenzhen stock exchanges, according to data provided by Wind Info, a leading financial data and service provider in China.
China Life Insurance Company Limited (SHSE: 601628, SEHK: 2628), the largest life insurer in the country, holds a total of 376 million shares in the Shanghai-listed securities firm, and China Life Insurance (Group) Company takes 323 million shares, which make up 10.64% of total tradable shares of the securities firm in total.
The dual-listed insurance firm held 495 million shares in CITIC Securities in the first quarter of this year and reduced holding by 118 million shares in the second quarter of this year, and China Life Insurance (Group) did not cut holding in the securities firm. Source: www.p5w.net (August 31, 2009)
Bilibala comments:
Citic Security is the largest financial service company in China, by holding a significant portion in it, it can indirectly diversify China Life's business from insurance into other financial related segments. It will also give China Life a better picture of how the market trends and investors behavior looks like.
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