China Life to increase stake in SPIC Dongfang New Energy

China Life Insurance Company Limited announced it will increase its stake in SPIC Dongfang New Energy Corp (SZSE:000958) by acquiring 4,330,242,827 shares through an asset swap and share issuance. China Life will contribute its 26.76% stake in State Power Investment Nuclear Energy Company (SPIC Nuclear) as part of the transaction. Post-transaction, China Life is expected to hold approximately 25.0540% of SPIC Dongfang New Energy's total share capital, a substantial increase from its current holdings. The share issuance is priced at 3.53 yuan per share. The deal still requires shareholder and regulatory approvals, including from the State-owned Assets Supervision and Administration Commission (SASAC) and the China Securities Regulatory Commission (CSRC).