Funde Sino Life Insurance Co., Ltd. had bought accumulatively 2.798 billion shares of Pudong Development Bank (PDB, 600000.SH) through the Shanghai bourse's block trading system in the year till September 11, and its positions represented 15 percent of the total stock capital of the bank, the bank said on Wednesday.
According to the bank's third-quarter report, China Mobile Communications (Guangdong) Co., Ltd. was the biggest shareholder of the bank with a holding of 3.731 billion shares by the end of September, and Shanghai International Group ranked the second with a holding of 3.157 billion shares, representing 20 percent and 16.93 percent of the total, respectively.
The life insurer attributed its massive share purchase in the bank to its optimism for the prospect of the bank. It also unveiled that it would decide whether to continue adding position in the bank in consideration of market conditions and the bank's performance in the next 12 months.
Founded in March 2002, Funde Sino Life Insurance is a nationwide professional life insurance company headquartered in Shenzhen. In January-September, the insurer raked in total premiums of 128.4 billion yuan, ranking third in the whole industry. Pudong Development Bank closed 1.21 percent higher at 18.37 yuan per share on Tuesday.
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