Insurance capital is accelerating its stake acquisitions. On November 26, Taikang Life Insurance disclosed an announcement regarding its increased stake in HENLIUS H-shares. The company purchased 518,500 H-shares of HENLIUS through its trustee, Taikang Asset Management (Hong Kong) Limited, on November 20, 2025. Following this transaction, Taikang Life now holds 8.3371 million H-shares of HENLIUS, representing 5.10% of the company’s H-share capital and triggering a mandatory disclosure. This marks the 37th such intervention by insurance capital this year, reaching a near-decade high and the second-highest in history.
Prior to the acquisition, Taikang Life held 7.8186 million H-shares of HENLIUS, accounting for 4.78% of its H-share capital. The latest purchase increased its stake to 5.10%. Based on HENLIUS’s closing price on November 20 and the HKD-to-CNY exchange rate (1 HKD = 0.9103 CNY) published by the People’s Bank of China on November 21, Taikang Life’s holding in HENLIUS has a book value of CNY 513 million, representing 0.03% of Taikang Life’s total assets at the end of the previous quarter.
According to Hong Kong Exchange disclosures, Taikang Life acquired the HENLIUS shares at HKD 67.07 per share, totaling HKD 34.7747 million. In compliance with regulatory requirements, the investment has been classified under entrusted equity investment management.
Founded in February 2010, HENLIUS is an international biopharmaceutical company focused on developing affordable, high-quality biologics for global patients. Its portfolio spans oncology, autoimmune diseases, and ophthalmology, with 10 products approved worldwide.
This is not Taikang Life’s first stake acquisition this year. On July 18, the insurer participated as a cornerstone investor in the H-share IPO of another company, investing USD 25 million for an 8.69% stake.
Analyst Chen Haiye from Huachuang Securities noted that insurance capital’s stake acquisitions have surged this year, second only to 2015 levels (62 interventions). The trend reflects growing interest in high-quality equity investments, particularly in sectors like banking, utilities, environmental protection, and non-bank financials, with a preference for H-shares and dividend-paying assets. Unlike the 2023-2024 wave led by Great Wall Life Insurance, this year’s acquisitions involve a broader range of insurers, including Ping An, Rui Zhong Life, China Post Life, New China Life, and Hong Kang Life, totaling 13 firms.
Chen highlighted two key motivations behind these acquisitions: (1) equity investments targeting high-ROE assets to enhance insurers’ own ROE (e.g., China Eastern Logistics, China Water Affairs); and (2) stock investments focusing on high-dividend assets to stabilize cash flow and investment returns (e.g., Ping An’s acquisitions in state-owned banks, Rui Zhong Life’s stake in China CITIC Bank).