Taiwan's Shin Kong Life to divest stake in Dingcheng Life

Taiwan’s Shin Kong Life is planning to divest its remaining 25% stake in Beijing-based Dingcheng Life, gaining $66.2m (CNY428m) in the process, according to media reports.

In a statement to Insurance Asia, Shin Kong Life’s parent firm Shin Kong Financial did the plan as the life insurer “has adjusted its regional development strategy.”

However, the transaction has yet to be approved by the China Banking and Insurance Regulatory Commission, Shin Kong Financial said.

The sale price will go for $0.22 (CNY1.48) per share, with the buyer being Chinese conglomerate Hodo Group, reports said.