Insurer jumps on Fosun move

New China Life shares increase on Fosun stake purchase

The share price of Shanghai-listed New China Life Insurance Company Ltd jumped 4.27 percent on Thursday, after the insurer announced that five companies controlled by Fosun Group had acquired a combined 5.01 percent stake in the insurer.

The insurer's Hong Kong-listed shares also gained 3.16 percent the same day and the news helped push the overall financial sector index up 1.2 percent in the A-share market and 0.7 percent in the H-share market.