Core Viewpoint - National Pension Insurance plans to issue up to 471 million shares to raise funds for core tier one capital and support business development, potentially becoming the largest pension insurance company by registered capital if the share price is estimated at 1 yuan per share [1][2] Group 1: Capital Increase Plans - National Pension Insurance's registered capital has reached 11.378 billion yuan, ranking second among 10 pension insurance companies [1] - The capital increase is part of a broader trend in the industry, with over four pension insurance companies announcing capital increase plans in 2024 [2] - Other companies like Taikang Pension and Taiping Pension have also announced significant capital increases, indicating a competitive environment for capital [2] Group 2: Financial Health and Strategy - Frequent capital increases are aimed at ensuring solvency and preparing for future business expansion, despite many companies maintaining solvency ratios above regulatory requirements [3] - National Pension Insurance's core and comprehensive solvency ratios were 590.78% and 603.72% respectively, although both have declined from the previous quarter [3] - The current capital increase will involve no participation from existing shareholders, with plans to invite up to five new investors [3] Group 3: Shareholder Structure - National Pension Insurance has 18 shareholders, primarily consisting of bank wealth management subsidiaries and investment firms, with eight shareholders holding over 5% [4] - The largest shareholders include ICBC Wealth Management, Agricultural Bank of China Wealth Management, and others, each holding approximately 8.79% post-capital increase [4] - Allianz Investment, a foreign investor, has recently acquired a 2% stake, reflecting the company's strategy to attract strategic partners [4]