Beiya to transfer $141m NCL stake

BEIJING - Beiya Industrial Group Co Ltd, the fifth-largest shareholder of New China Life Insurance (NCL), plans to transfer its entire stake in NCL before the insurer's capital expansion and listing.

According to Beijing Equity Exchange, the price of Beiya's equity transfer is expected to hit 947 million yuan ($141 million), with the unit price of 13.82 yuan per share.

"Given Beiya's current financial status, it is almost impossible for them to take part in NCL's capital expansion plan. So cashing in at the moment is not a bad choice for them," said an industry analyst who declined to be named.