再度挂牌折价5%！这家央企清仓转让中银三星人寿

Core Viewpoint - The ongoing impact of the "Retreat Gold Order" is evident in the recent actions of state-owned enterprises regarding their investments in the insurance sector [1]. Group 1: Share Transfer of Zhongyin Samsung Life Insurance - China Aviation Group is seeking to transfer its entire 24% stake in Zhongyin Samsung Life Insurance, with a base price set at 1.736 billion yuan, which is a 5% decrease from the previous listing price in December 2024 [2][4]. - The disclosure period for this transfer will start on November 10, 2025, lasting for no less than 20 working days [3]. - The valuation decline is attributed to challenges in the insurance industry's transformation, leading to slower growth and decreased shareholder returns [5]. Group 2: Background and Financial Performance - Zhongyin Samsung Life Insurance, established in 2005, has seen its business scale grow since being integrated into the Bank of China, but its net assets and profits have fluctuated significantly under new accounting standards [6]. - As of September 30, 2025, the total assets of Zhongyin Samsung Life Insurance amounted to 151.76 billion yuan, with owner equity dropping to 1.26 billion yuan from 5.91 billion yuan at the end of 2024 [6]. Group 3: Regulatory Environment and Market Response - The "Retreat Gold Order" issued by the State-owned Assets Supervision and Administration Commission (SASAC) emphasizes that state-owned enterprises should focus on their main responsibilities and limit non-core investments [7][8]. - This directive has prompted several state-owned enterprises to expedite their exit from financial sector investments, including insurance companies [7]. - Other insurance companies are also listing their stakes for transfer, indicating a broader trend in the market [9].