China crackdown spooks some Dah Sing suitors

The Hong Kong bank has structured its bancassurance auction to attract the most suitors possible but China’s capital account crackdown has cooled some of their ardour.

Dah Sing’s auction of its insurance operations has attracted a wide range of suitors but a clampdown on mainland Chinese citizens buying policies in Hong Kong is making some of them nervous, according to two people familiar with the matter. 

Dah Sing, a diversified financial services group, said on January 12 that it was in the early stages of exploring strategic alternatives for its life assurance business and its bank’s life insurance product offerings. 

The Hong Kong financial services group’s clever structuring of its $1 billion auction attracted initial interest from over 20 companies including Guangdong-based property developer Country Garden and Hong...

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