Shareholder offloads $125 million of China Life shares

Tight discount sees bulk of shares going to long-only funds

An existing institutional shareholder has sold HK$970.1 million $125 million worth of China Life Insurance shares in a move to cash in on the strong share price gains in the past four months.

Citigroup acted as sole bookrunner for the deal.

The 99.5 million shares were offered in a range of HK$9.75 to HK$9.85, which represented a discount of zero to 1% to WednesdayÆs March 29 close of HK$9.85.

As could have been expected with such...

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