Friday, April 20, 2018

Huaxia Life raises stake in China Minsheng Bank

Despite its owner facing some trouble, Huaxia Life continues to increase its investments.

Recently, it added its stake in China Minsheng Banking Corp, according to a filing to the Hong Kong stock exchange.

According to the insurer, it bought 130.8 million A-shares of Minsheng Bank in the secondary market in Shanghai last week.

The number represents 0.36% of the lender’s total issued ordinary shares. However, the insurer did not disclose the purchase price of the shares.

The trades increased Huaxia Life’s holdings in the bank to 1.5 billion shares, including 1.15 billion A-shares and 35 million H-shares, or 4.13%.

Huaxia Life was controlled by Xiao Jianhua, the tycoon from mainland China who went missing from Hong Kong’s Four Seasons Hotel in January.

Observers believe he is assisting mainland authorities in investigations, including those covering bribery and stock market manipulation.

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