SHANGHAI, Nov 21 (Reuters) - China’s Zhongtian Financial Group Co Ltd said it planned to buy up to 25 percent of Huaxia Life Insurance for as much as 31.0 billion yuan ($4.7 billion).
Under framework agreements, Zhongtian Financial will purchase a stake of between 21-25 percent from two shareholders, paying in cash, it said in a filing late on Monday.
The filing said the transaction would constitute a “major reorganisation of assets”, adding that the specifics would be based on further due diligence and auditing.
Zhongtian Financial said it would buy the stakes from Beijing Qianxi Shihao Electron Technology Co Ltd and Beijing Zhongsheng Century Technology Co Ltd, current holders of 20 percent and 13.41 percent stakes in Huaxia Life. ($1 = 6.6300 Chinese yuan) (Reporting by John Ruwitch; Editing by Edwina Gibbs)