PICC buys 48% Da Cheng stake for $205 million

Jan 4, 2010

This aggressive expansion into fund management may give PICC a head-start over rival mainland insurers China Life and Ping An.

When Zhonghai Trust began looking for an exit from its 48% stake in Da Cheng Fund Management -- one of the five remaining 'old 10' Chinese fund houses not in foreign hands -- one of the firm's shareholders, Everbright Securities, knew who to call.

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