2314 GMT - Australian wealth manager AMP's China businesses are now too big to ignore, Jefferies says. AMP has partnerships including a 20% stake in China Life Pension Co. (CLPC) and a roughly 15% stake in China Life AMP Asset Management Co. (CLAMP), which sells investment products in China. In 1H, the earnings contribution of these partnerships more than doubled to A$56 million. AMP's CEO said this growth was supported by higher retirement savings and pensions in China. Jefferies analyst Simon Fitzgerald notes CLPC's assets under management now total around 2.6 trillion yuan and the combined annualized partnership return on investment rose to 16%, from 9%. "The uplift looks increasingly structural, supported by CLPC operating leverage and a 41% payout ratio," Jefferies says. Its price target rises 23%, to A$2.55/share. AMP ended Thursday at A$2.31.