Taiwan’s China Life Insurance said on Monday it would invest 379 million Chinese yuan ($57 million) in an insurance arm of China Construction Bank.
China Life’s plan highlighted the improving ties across the Taiwan Strait. A landmark financial deal was inked by Taiwan and China earlier this year, opening possibilities for financial firms on both sides to invest in each other.
Earlier this year, China Life said it was in talks with two to three Chinese firms to form an insurance tie-up as it aims to tap the huge mainland market.
The news came after the Taipei stock market closed on Monday. China Life shares jumped their daily limit of 6.9 percent, outperforming the main TAIEX’s 0.35 percent rise.
Source : Reuters
