Mobile giant linked with 2 insurers
Print Edition
CHINA Mobile is planning to invest 2 billion yuan (US$305 million) to secure stakes in two insurance firms owned by China Merchants Group, according to a third-party investor linked to the deals.
IT company Travelsky Technology said in a statement to the Hong Kong stock exchange yesterday that the world’s biggest mobile carrier is seeking to buy a 20 percent stake in both CMG Renhe Property Insurance and CMG Renhe Life Insurance.
The stakes would each cost about 1 billion yuan.
When Shanghai Daily contacted China Mobile yesterday, it declined to confirm or deny the deals.
Hong Kong-listed Travelsky said in the statement that it too will be investing in the two insurance companies, both of which have registered capital of 5 billion yuan.
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