China Life to invest in IPO

Calling it a "special approval", China's insurance regulator said Friday it will allow China Life Insurance Co to buy shares in China Construction Bank's recent initial public offering, the Wall Street Journal reported, quoting Sun Jianyong, director of the China Insurance Regulatory Commission's fund. The IPO was a special case, Sun said, because the insurer has not been formally approved to invest overseas. China Life Insurance bought CCB's shares with its foreign exchange funds, though Sun declined to specify the number of shares bought and the price paid for them.