Asia Financial (00662) subsidiary intends to sell all issued share capital of Hong Kong Life.

Asia Financial (00662) announced that on December 27, 2024, the sellers (including the company's wholly-owned subsidiaries Asia Insurance, Chubb Insurance Limited, OCBC Wing Hang Bank Limited, Shanghai Commercial Bank Limited, and China Merchants Bank (Asia) Limited) entered into a share purchase agreement with the buyer Yue Xiu Enterprise (Group) Limited. According to the agreement, the sellers conditionally agreed to sell their respective interests in Hong Kong Life, while the buyer conditionally agreed to purchase all of the issued share capital of Hong Kong Life (through itself or entities directly or indirectly wholly-owned by the buyer, subject to regulatory approval), which primarily engages in long-term life insurance business in Hong Kong, including both non-linked and linked businesses. The announcement stated that the sale of the shares held by Asia Insurance aligns with the strategic goals of all the sellers. In particular, Hong Kong Life is currently a joint venture of the five sellers. The sellers believe that having a single shareholder responsible for business development to meet the evolving needs of customers is in the best interests of Hong Kong Life. The directors also believe that the sale will create substantial value for the company's shareholders.