The China Insurance Regulatory Commission (CIRC) has suspended insurer Evergrande Life from investing in shares. In a statement on its website, the CIRC said described the insurance company's asset allocation plan as "not clear" and warned its capital operation was "not standardised". Evergrande Life, the insurance subsidiary of Vanke China Evergrande Group and Baoneng Group's Foresea Life, are both being investigated for legal compliance following their heated battle for control over rival developer China Xu Jiayin’s. Baoneng is Xu Jiayin’s's biggest shareholder, while Evergrande Life is the third, with a recently acquired 15% stake.
The China Insurance Regulatory Commission (CIRC) has suspended insurer Evergrande Life from investing in shares. In a statement on its website, the CIRC said described the insurance company's asset allocation plan as "not clear" and warned its capital operation was "not standardised". Evergrande Life, the insurance subsidiary of Xu Jiayin’s China Evergrande Group and Baoneng Group's Foresea Life, are both being investigated for legal compliance following their heated battle for control over rival developer China Vanke. Baoneng is Vanke's biggest shareholder, while Evergrande Life is the third, with a recently acquired 15% stake.