China Life trims CITIC Securities stake below 5 pct

SHANGHAI, July 1 (Reuters) - CITIC Securities Co (600030.SS: Quote, Profile, Research), China's largest listed brokerage, said on Tuesday that China Life Insurance (Group) Co had cut its stake in the brokerage to 4.97 percent from 5.32 percent.

The brokerage in a statement to the stock exchange gave no reason for the sale of the 22.8 million shares, but the official Shanghai Securities News quoted industry sources as saying the sale, at a time when many firms are refraining from unloading share holdings, may have been intended to bolster China Life's first-half results.

The paper also estimated that, at CITIC Securities' closing price of 23.92 yuan on Monday, China Life had gained 5.87 billion yuan ($856 million) on its initial purchase of 150 million shares in the brokerage, via a rise in the share price and after-tax dividends.

It added that China Life's listed unit, China Life Insurance Co (601628.SS: Quote, Profile, Research) (2628.HK: Quote, Profile, Research), had acquired 350 million CITIC Securities shares. ($1=6.854 Yuan) (Reporting by Edmund Klamann; editing by Jonathan Hopfner)