“三线并进”，泰康人寿布局资本市场大棋？但自身风控惹关注

Core Viewpoint - Taikang Life is accelerating its layout in the multi-level capital market, exemplified by its investment in Fengcai Technology's H-share IPO, the initiation of a 12 billion yuan private equity fund, and its approval as a member of the Shanghai Gold Exchange [2][3][4] Capital Market Multi-point Layout - On July 18, Taikang Life announced its participation as a cornerstone investor in Fengcai Technology's H-share IPO, investing 25 million USD (approximately 1.79 billion yuan), accounting for 8.69% of the H-share issuance [3] - Fengcai Technology, established in 2010, specializes in motor drive chips and completed its "A+H" dual listing in July 2025, raising a total of 2.259 billion HKD [3] - Taikang Life's investment in Fengcai Technology represents 0.01% of its total assets as of the last quarter, with equity assets amounting to 264.453 billion yuan, making up 16.36% of total assets [3] - On June 27, Taikang Asset Management completed its first investment transaction through Taikang Stable Walk, with an expected initial investment scale of 12 billion yuan [4] - Taikang Life's membership in the Shanghai Gold Exchange will broaden its investment channels and enhance its participation in the gold market [4] Increased Equity Investment by Insurance Capital - Insurance capital movements are a focal point for market observers, with Taikang Life's investment in Fengcai Technology reflecting a broader trend among insurance companies to engage in high-growth potential enterprises [5][6] - As of July 22, 2025, various insurance companies, including Taikang Life, have made 21 stake acquisitions, surpassing the total for the entire year of 2024 [6] - The Ministry of Finance's recent notification encourages long-term stable investments by insurance funds, adjusting performance evaluation metrics for state-owned commercial insurance companies [6] Compliance Management - Despite aggressive business expansion, Taikang Life has faced compliance challenges, receiving 15 fines totaling approximately 6 million yuan since 2025 [8] - The company has implemented various measures to improve compliance, including extensive training programs and a focus on consumer rights protection [8][9] - The integration of strategic expansion with precise compliance management is crucial for Taikang Life's sustainable development [9]