China Life Insurance Co. Ltd. saw its shares surge by 5.26% on Thursday, potentially fueled by the company's announcement of issuing 35 billion yuan (around $4.9 billion) worth of 10-year capital supplementary bonds in the Chinese interbank bond market.
The bonds, carrying a 2.15% coupon rate, are aimed at bolstering the insurer's supplementary tier 1 capital and solvency position, as well as promoting business development. This capital raise is seen as a positive move for China Life Insurance, providing it with additional financial resources to support its operations and growth.
While the news did not directly attribute the stock's rally to the bond issue, investors seem to have welcomed the development, as the company's shares closed at HK$13.98, up HK$0.66 or 4.95% on the day.
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