Minsheng Life to Acquire Zheshang Fund
|By Sinocast Insurance Beat (China)||July 14, 2014 6:13AM||
BEIJING, July 14, SinoCast -- Minsheng Tonghui Asset Management, an insurance asset management arm under Wangxiang Corporation's subsidiary Minsheng Life, will acquire a 75\% stake in Zheshang Fund, which will lift the stake held by Wangxiang in Zheshang to 100\% as Wangxiang's subsidiary Tonglian Capital Management currently holds a 25\% stake in the target company.
The stake will be acquired by insurance fund and the acquisition is close to an end as the buyer has communicated with China Insurance Regulatory Commission last week.
The move will help Minsheng Life to become the second insurance company entering the field of mutual funds since the promulgation of the measure on piloting the establishment of fund management arms by insurance institutions in 2013.
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