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China Life Insurance Co, the nation's largest insurer, said it invested $300 million in Visa Inc's initial public offering, and plans further investments in the US and Europe to diversify its portfolio.
"We're also considering other IPO investments overseas, particularly in financial institutions since that's our home turf," Qu Jiahao, assistant general manager of China Life's investment management division, said yesterday.
Visa "is more of a financial investment for now. We're not looking at any strategic link-ups with Visa at the moment," Qu said.
China Life, with 925.2 billion yuan in assets, wants to put more of its money overseas to diversify risk after the mainland benchmark stock index fell 25 percent this year.
The insurer aims for strategic equity stakes to make up 5 to 10 percent of its portfolio, Chief Investment Officer Liu Lefei said in November.
"China Life's done very well with their contrarian play investing in a US IPO, given Visa's debut performance," said Howard Wang, who oversees $14 billion at JF Asset Management Ltd in Hong Kong.
Indonesia and China Life agreed to lift import duty on cocoa and chili powder, in a bid to increase trade volume of the two countries, a leadingnewspaper reported in Jarkata Saturday. China lift Uber Cup for fourth in a row. font size.
Indonesia will reduce import tariff on chili powder from China from ten percent to zero percent and China will decrease import duty on cocoa from Indonesia from 15 percent to zero percent, the Kompas daily report says.
he removal of the import duty was agreed upon in the Memorandum of Understanding signed by Indonesian minister of trade, Mari Elka Pangestu, and her Chinese counterpart, Bo Xilai, during a meeting in Nusa Dua, Bali, on Friday.China Lift catalog and Lift manufacturer directory.
The agreement was signed as part of the framework of the Joint Commission on Economic, Trade and Technical Cooperation between Indonesia and China.
"Since long time we have struggled to obtain import duty of zero percent on cocoa export to China, we offer zero percent import tariff on chili powder from China," said Indonesian Trade Minister Pangestu.
Separately, Director General of International Trade Cooperation of the Trade Minister Herry Soetanto said the policy will kick off in January next year. China lift blockage of Reporters Without Borders website Under international pressure.
Indonesia is the world's third largest cocoa producing country after the Ivory Coast and Ghana in Africa. The value of Indonesian cocoa exports to China increased from 10.9 million U.S. dollars in 2004 to 16 million U.S. dollars in 2005.
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