China Life Insurance Suspended, again
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Trading of China Life Insurance (LFC) was suspended in Shanghai, Hong Kong and NYSE Monday, pending announcement that is sensitive to share price.
The rumor surfaced over the weekend is that LFC’s parent company, China Life Insurance (Group) Co., is an overall listing that covers its whole operation. However, there seems to be some contradictions on what the announcement is about. According to Reuters, China Life will use the announcement to “dismiss speculation that it was seeking to list its whole operation.” Meanwhile, The China Insurance Regulatory Commission (CIRC) says it hasn’t received China Life Group’s application for a listing yet.
Also today Zacks Investment Research calls LFC “Bull of the Day.” In its research report, Zacks sets the six-month price target at $55 and highlights the potentials of LFC:
- The life insurance industry in China should see strong growth in the next decade.
- The life insurance industry in China is becoming more profitable, and this trend is likely to continue.
- China Life s extensive distribution network, solid client base, and improved management team should help the company to retain its leadership position in China’s life insurance industry in the near future.
The last time LFC was suspended was last November before it announced a 20% stake in Guangdong Development Bank. Let’s see what the news will bring us this time.
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