China Life drops buy bid

China Life Insurance Co, the country's biggest life insurer, will not be buying a 10 percent stake in Hong Kong's Wing Hang Bank Ltd from the Bank of New York Mellon Corp, the bank said in a statement to the Hong Kong bourse yesterday.

"We have made enquiries of the parties to this potential transaction and have received confirmation that the parties currently have no intention to proceed with the transaction," said the statement.

The statement confirms that there are no negotiations or agreements related to the intended acquisitions, which have to be disclosed under the listing rules.