Baosteel Group Corp. will issue up to 4 billion yuan (US$644.16 million) of bonds that can be exchanged for shares in New China Life Insurance Co. Ltd. (01336.HK, 601336.CN), according to a regulatory filing Thursday. The securities, which have a maturity of three years, can be exchanged for shares in the insurer one year after the issue, the report said. Baosteel holds 15.11 percent of New China Life, making it the insurer’s third largest shareholder. The plan is awaiting approval by the State-owned Assets Supervision and Administration Commission and the China Securities Regulatory Commission, Shanghai Securities News reported.
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