China Life Insurance (02628) plans to establish a partnership with China Life Wuxi Fund, China Life Chengda, and other investors, focusing on investments in two major technological innovation sectors: artificial intelligence and semiconductors.

China Life Insurance (02628) has announced that the Company, China Life Wuxi Fund (an indirect subsidiary of the Group), and other investors (each acting as a limited partner) intend to enter into a partnership agreement with China Life Chengda (acting as the general partner) for the purpose of establishing a partnership. The total subscribed capital contribution by all partners of the partnership is intended to be no more than RMB 6 billion, of which the Company intends to subscribe no more than RMB 4.5 billion. China Life Equity will serve as the manager of the partnership. It is expected that the Company will enter into the partnership agreement and ancillary agreements with the relevant parties by December 31, 2026. The partnership will closely align with the policy direction of technological self-reliance and self-strengthening, as well as industrial autonomy and controllability, focusing on investments in two major technological innovation sectors: artificial intelligence and semiconductors. It will focus on equity in high-quality unlisted enterprises along the industrial chain that possess core technological barriers, have broad space for domestic substitution, and demonstrate outstanding long-term growth certainty. The partnership will primarily invest in unlisted equity of high-quality enterprises in the technological innovation sector that are established and operating in China. The partnership is expected to carry out investments in the artificial intelligence and semiconductor sectors, closely aligning with the national strategic direction. Artificial intelligence is a key area in current global technological competition, while semiconductors are the cornerstone of industrial chain autonomy and controllability. Both directions possess long-term certain growth space and policy support. The investment partnership is not only an important measure for the Company to implement the "15th Five-Year Plan" deployment, support the development of emerging pillar industries, and cultivate new quality productive forces, but also an important means for the Company to optimize its asset allocation and capture the long-term growth dividends of hard technology. The partnership's manager, China Life Equity, possesses extensive investment experience in the technological innovation sector. Among the Greater Health series funds it manages, technological innovation projects have achieved relatively good historical performance. Moreover, the manager's core management team is stable, and its investment team has diverse professional backgrounds, which is conducive to the long-term effective advancement of the partnership's strategy. At the same time, benefiting from the "China Life Insurance" brand and synergistic advantages, the manager is able to leverage its resources and connections in financial institutions and related industries to gain advantages in project sourcing and servicing portfolio companies. These investment experiences and resource advantages match the partnership's strategy, helping the partnership obtain good returns, thereby optimizing the Company's asset allocation and enhancing the Company's income level.