Zheng Quan Zhi Xing·2025-06-26 16:52Core Viewpoint - China Life Insurance Company Limited is establishing a partnership with China Nuclear Power and the China-Russia Nuclear Industry Fund to create a partnership enterprise with a total capital contribution of RMB 1.501 billion, where China Life will contribute RMB 1.2 billion [2][3][7]. Group 1: Partnership Agreement - The partnership will include China Life Insurance, China Nuclear Power, and the China-Russia Nuclear Industry Fund as limited partners, while Guangzhou Jinhong and the China Nuclear Fund will act as general partners [3][6]. - The total capital contribution from all partners is RMB 1,501,000,000, with specific contributions detailed as follows: - Guangzhou Jinhong: RMB 1,000,000 - China Nuclear Fund: RMB 1,000,000 - China Life: RMB 1,200,000,000 - China Nuclear Power: RMB 279,000,000 - China-Russia Nuclear Industry Fund: RMB 20,000,000 [3][4]. Group 2: Investment Strategy - The partnership enterprise aims to invest in domestic nuclear power companies involved in the development, investment, construction, and operation of nuclear power projects, contributing to China's clean and low-carbon energy development [5][6]. - The investment period for the partnership is set for six years, followed by a four-year exit period, with the possibility of extending the duration if necessary [5]. Group 3: Management and Fees - Guoshou Jingshi will serve as the manager of the partnership, providing daily operational and investment management services, with an annual management fee of 0.1% of the total capital contributions [6][8]. - An investment decision committee will be established to oversee investment and exit decisions, while an investment advisory committee will evaluate potential conflicts of interest and compliance with regulations [6][7]. Group 4: Rationale for the Transaction - The investment in nuclear assets is expected to provide long-term, stable dividend returns, aligning with the company's strategy to enhance long-term investment returns and support green finance initiatives [7][8]. - The transaction is deemed fair and reasonable, conducted under normal commercial terms, and is in the overall interest of the company and its shareholders [7].