12:38 AM EDT, 09/27/2022 (MT Newswires) -- New China Life Insurance (HKG:1336, SHA:601336) will divest its 3.46% stake in National Pipe Network Group United Pipeline to state-controlled China Oil & Gas Pipeline Network for 9.07 billion yuan ($1.27 billion), a Monday stock filing showed.
Upon completion, the insurer will no longer hold any interest in National Pipe Network. New China Life expects to generate 570 million yuan in revenue from the deal.
The insurer's shares gained nearly 1% in Shanghai and fell more than 1% in Hong Kong.
Price (HKD): $15.36, Change: $-0.20, Percent Change: -1.29%