Sale of AXA's 16% stake in China's fourth largest life insurer delayed on regulatory concerns, say reports
The auction for French insurer AXA's 15.6% stake in China's No.4 life insurer, Taikang Life, has been put on hold amid growing concerns about new rules from China's insurance regulator, according to a report on Reuters.
AXA's sale of its 15.6 percent stake in Taikang is believed to have received bids from Singapore's state investor Temasek, Blackstone Group, KKR and other funds, with the stake expected to be worth more than $1 billion.
But concerns about China's new rules on insurance company ownership have sparked worries that the firms lining up to bid for the stake fail to match regulatory standards, sources cited by Reuters say.
Taikang declined to comment. AXA was unavailable to comment.