China Life, the largest insurance company in China, has been in talks with Morgan Stanley and Citigroup to sell strategic stakes to the US financial giants, according to Hong Kong's Wen Wei Po. The stakes would be in the listing vehicle that China Life is planning to create by hiving off its prime assets for a planned flotation in Hong Kong. This will be in the first half of this year and is expected to raise US$2bn.
However, Citibank's China spokeswoman refused to confirm the report, describing it as market rumour, while Morgan Stanley officials were unavailable for comment.
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