DEALS
Zhong Lun Advises Changjiang Pension on RMB500 million Transaction
Zhong Lun Advises Changjiang Pension on RMB500 million Transaction
China Pacific Insurance (Group) Co., Ltd. (CPIC) announced on May 4, 2009 that its subsidiary China Pacific Life Insurance Co., Ltd (CPIC Life) will spend RMB170.25 million to buy 113.5 million shares of Changjiang Pension Insurance Co., Ltd. (Changjiang Pension) from Shanghai International Group. Meanwhile, CPIC Life will also pay RMB328 million to acquire 218 million shares from Changjiang Pension.
The Zhong Lun team, including Jeremy Dai, Lefan Gong, Qian Kun and Li Yanan, advised Changjiang Pension on the strategic cooperation and transaction.
After the completion of the transaction, CPIC will indirectly hold 51.75% stake in Changjiang Pension, up from 13.27%. The transaction is subject to approval from the state-owned assets supervision and administration authorities and the China Insurance Regulatory Commission.
Changjiang Pension, established by the Shanghai Municipal Government in 2007, was managing RMB22.26 billion in enterprise annuities as of the end of last year.
