China’s UCF Group backs $914m deal for HK insurer

Tsingyuan Ventures
A clerk counts Chinese yuan and U.S. dollar banknotes at a branch of Bank of China in Taiyuan

China UCF Group Co., the conglomerate led by businessman  Zhang Zhenxin, is backing the acquisition of Hong Kong Life Insurance Ltd. in a deal valuing the insurer at HK$7.1 billion ($914 million).

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