Xin Lang Cai Jing·2026-02-15 07:47Core Viewpoint - Ping An Life has increased its stake in China Life's H-shares, surpassing the 10% threshold, triggering a mandatory disclosure under Hong Kong market rules [2][11]. Group 1: Investment Activities - Ping An Life's investment in China Life's H-shares reached 10% on February 3, 2026, following a series of acquisitions that began in August 2025 [4][14]. - The initial stake in China Life was 5.04% after purchasing 9.5 million shares at an average price of HKD 32.0655 per share [4][13]. - The stake has been incrementally increased through multiple purchases, including 1.0895 million shares at approximately HKD 33.2588 per share, resulting in a current holding of about 10.12% [5][14]. Group 2: Broader Investment Strategy - Ping An is building a substantial high-dividend financial asset pool in the Hong Kong market, acquiring stakes in various banks, including Agricultural Bank of China and China Merchants Bank [6][17]. - The company has made 16 purchases of Agricultural Bank H-shares, increasing its stake from 5% to 20.10%, with holdings reaching approximately 4.618 billion shares [8][17]. - The investment strategy emphasizes asset-liability matching, with a focus on reliable operations, growth potential, and sustainable dividends [9][19]. Group 3: Market Implications - Analysts suggest that the trend of insurance capital investing in other insurance companies reflects a demand for stable returns and may lead to a revaluation of undervalued insurance stocks [6][16]. - The investment behavior indicates a preference for companies with clear governance, stable business models, and improving dividend levels, which are seen as essential for long-term returns [6][19].