China Life to take more equity stakes

CHINA Life Insurance Co., the world’s largest life insurer by market value, would boost its investments in fixed income and take more equity stakes, president Wan Feng said yesterday.

“China Life will continue to focus on fixed-income products to ensure the stability of our investments,’’ said Wan. “We’ll also make equity investments more prominent in our portfolio and pursue new investment channels.’’ Foreign exchange-related losses at China Life were less than 3 percent of total assets, Wan said.

Huaneng to buy stakes in power plants

CHINA Huaneng Group Co., the country’s largest power producer by capacity, said in a statement yesterday it had agreed to buy majority stakes in two coal-fired plants in Shaanxi Province to boost its capacity.

Huaneng Group, parent of Shanghai and Hong Kong-listed Huaneng Power International Inc., didn’t say how much it plans to pay for the stakes. According to the statement, Huaneng Group plans to buy the 60 percent of Shaanxi Qinling Power Co. it doesn’t already own, taking its ownership to 100 percent. Huaneng also plans to buy a 60 percent stake in Shaanxi Qinhua Power Co., in which Huaneng doesn’t have any interest.

Shougang plans rolled steel venture

BEIJING Shougang Co., the only steelmaker based in China’s capital, is considering a 6.4 billion yuan (US$866 million) venture to make cold-rolled steel in the city to meet rising demand from automakers.

Beijing Shougang and parent Shougang Corp. plan to form a venture with Beijing Automobile Investment Co., the Chinese partner of Hyundai Motor Co., Shenzhen-listed Beijing Shougang said yesterday. The venture includes the new plant, which will start work this year in Shunyi in the eastern outskirts of the city, the company said.

CSCL to launch Shanghai IPO next week

CHINA Shipping Container Lines Co. (CSCL) said yesterday it will launch a domestic offering of its shares in Shanghai next week that analysts estimate will raise up to US$2 billion.

The offer, the latest in a series of A-share offerings this year by State firms with shares already listed in Hong Kong, will be open for subscriptions next Tuesday and Wednesday, CSCL said in a statement yesterday.