TONGLIAN CAPITAL GETS GO-AHEAD FOR MINSHENG LIFE STAKE BUY

The Chinese authorities have given the go-ahead to Tonglian Capital to acquire a stake in Minsheng Life Insurance Company. The deal will see Tonglian, an investment vehicle of Wanxiang Group, buy 38.7 million shares in the insurer from Highsee Iron and Steel Group. Once the transaction is completed Highsee Iron and Steel Group will still hold a 14% stake in Minsheng Life. Wanxiang, a founding investor in Minsheng Life, will see its stake in the insurer lifted by 1.43% as a result of the deal. Beijing-headquartered Minsheng Life boasts 18 branches in provinces across the China.