China Life Insurance (02628): Subsidiary intends to establish a partnership with SDIC Xiantao and other investors, focusing on investments in key areas such as Shanghai's three major pioneering industries

China Life Insurance (02628) announces that the pension insurance company (a non-wholly-owned subsidiary of the Company), the property and casualty insurance company (a non-wholly-owned subsidiary of the Group), and other investors (each acting as a limited partner) intend to enter into a partnership agreement with SDIC Xiantao and another party that may be designated by other investors (each acting as a general partner) before December 31, 2026, for the purpose of establishing a partnership. The total subscribed capital contribution of all partners of the partnership is proposed to be RMB 20 billion, of which the pension insurance company intends to subscribe for a capital contribution of RMB 2 billion. SDIC Xiantao will act as the manager of the partnership. Through investment methods including fund share continuation, direct equity investment (including but not limited to capital increase and share expansion, acquisition of existing shares, and merger and acquisition investments), as well as strategic placements, targeted additional issuances, block trades, and negotiated transfers, the partnership will invest in both existing and incremental assets in Shanghai's three major pioneering industries (integrated circuits, biomedicine, and artificial intelligence). The partnership focuses on investments in key areas such as Shanghai's three major pioneering industries (integrated circuits, biomedicine, and artificial intelligence), with a focus on taking over industrial fund shares primarily invested in major strategic initiatives and directing investments toward national major strategic projects. The Group's participation in the relevant investments enables it to cover leading enterprises in Shanghai's three major pioneering industries on a large scale, representing scarce investment opportunities. A substantial increase in the level of scientific and technological self-reliance and self-strengthening is one of the main goals of the national economic and social development during the "15th Five-Year Plan" period. This transaction is a strong manifestation of the Group's practice of the major article of technology finance and its support for national scientific and technological self-reliance and self-strengthening. It aligns with the allocation needs of insurance funds and helps enhance the investment returns of insurance funds.