Fosun Group cuts down insurance investments in New China Life

The group scaled down its Hong Kong-traded shares in the insurer.

Chinese conglomerate Fosun Group is reportedly cutting back on its investments, including its insurance holdings over its rising debt.

A report by Caixin said that the Fosun Group scaled down its Hong Kong-traded shares of New China Life Insurance through a block trade. The group’s main investment arm’s holdings decreased from 5.84% to 4.99%, according to a bourse filing by New China Life.

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Fosun Group first invested in New China Life in 2016 when the insurer’s Hong Kong-traded shares were at around HK$22 each, the report said.