China Life Insurance, power firm SPIC launch $1.1b clean energy fund

China Life Insurance has teamed up with State Power Investment Corporation Limited (SPIC) to launch an 8 billion yuan ($1.1 billion) clean energy fund, the latter announced in a WeChat post.

China Life is understood to have committed up to 7.2 billion yuan ($1 billion) to the fund, which will be managed by its asset management arm. The fund will primarily invest in state-backed clean energy projects in underdeveloped regions. It will also make investments in areas such as smart energy, hydrogen energy and energy storage.

The company, formally known as People’s Insurance Company of China, is a state-owned insurer. It offers life, annuity, health, and accident insurance services.

It forayed into banking and investment businesses with the purchase of a 23.7 per cent stake in China Guangfa Bank for 19.7 billion yuan ($3 billion) from Citigroup in 2016. The company was listed in New York and Hong Kong in 2003 and went public in Shanghai in 2007.  

It generated annual revenue of 907 billion yuan ($128 billion) in 2019 and it has 4.5 trillion yuan ($634 billion) in assets under management. 

Headquartered in Beijing, China Life has 10 subsidiaries, including China Life Insurance Company, China Life Asset Management, China Life Investment Holding, and China Life Healthcare Investment. 

Established in 2015, state-owned SPIC is one of China’s top five power generators and one of its three nuclear power developers and operators. Besides China, it has operations in 41 countries across the globe.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.