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在线翻译:
szdaily -> Business_Markets -> 
Zhongtian Financial to buy into Huaxia Life
    2017-11-22  08:53    Shenzhen Daily

ZHONGTIAN Financial Group Co., which has businesses in the real estate and finance sectors, said it planned to buy up to 25 percent of Huaxia Life Insurance for as much as 31 billion yuan (US$4.7 billion).

Under framework agreements, Zhongtian will buy a stake of between 21 percent and 25 percent from two shareholders in cash, the Guiyang-based firm said in a filing late Monday.

Zhongtian, which started out as a real estate developer in Guizhou Province, has been actively expanding in the financial sector in recent years, with insurance and securities its top priorities. The Shenzhen-listed firm has a market value of 34.6 billion yuan, based on its last traded price in August.

“Zhongtian Financial’s total market value is just over 30 billion yuan, and they are considering paying over 30 billion yuan for this equity acquisition — that’s such a bold move,” said an M&A banker at a major Chinese lender.

Zhongtian’s bid for a Huaxia stake gives the insurer an overall valuation of 124 billion yuan.

The filing by Zhongtian, which also has interests in urban infrastructure and tourism projects, said the transaction would constitute a “major restructure of assets,” adding that the specifics would be based on further due diligence and auditing.

Shares of Zhongtian on the Shenzhen exchange have been suspended. They last traded at 7.35 yuan in August, up about 4 percent since the start of the year.(SD-Agencies)

 

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