Huang Jian diusulkan menjadi Ketua Dewan Direksi Lian Life, perusahaan berencana mengeluarkan dana hampir 900 juta yuan dengan premi untuk mengambil alih 5% saham Zhongshan Public, mencapai langkah pengambilalihan saham

Blue Whale News 1 April - Reporter Chen Xiaojuan

Recently, Lian Life Insurance Co., Ltd. (hereinafter referred to as “Lian Life”) announced the election of Huang Jian as chairman. Zhou Junshu retired due to age and no longer served as the company’s chairman and director.

（Image source: Lian Life announcement）

It is worth noting that Lian Life completed a change of president last year. With the new leadership team in place, the company’s future development path has attracted market attention. In 2022, Lian Life proposed the goal of “rebuilding Lian in three years and striving for an early listing,” planning for total assets to exceed 100 billion yuan in 2023 and actively promote the IPO process. Now, after three years, the company’s total assets have surpassed the 100 billion yuan threshold, but there has been no substantial progress in the IPO process. In terms of performance, Lian Life aims to achieve premium income of 25.251 billion yuan and net profit of 227 million yuan by 2025.

Meanwhile, Lian Life has also taken new actions in external investments. Zhongshan Public Utility (000685.SZ) announced last night that Lian Life has become the final transferee of 5% of the company’s shares, with a transfer price not less than 12.19 yuan per share, and the transaction amount is expected to be no less than 899 million yuan. Based on Zhongshan Public Utility’s closing price today, the premium is roughly 9.6%, and Lian Life is also expected to increase its stake in another listed company.

The company welcomed a new president last year, with frequent compliance issues

From the resume, Huang Jian has a strong professional financial background, with management experience in securities, futures, and other fields, making him a typical “practical” finance expert.

He has served as an employee in the financial department of Jiangsu Guoxin Group; assistant to the financial manager of Jiangsu Shahe Pumped Storage Power Generation Co., Ltd.; financial manager; assistant to the manager of the custody center of Xintai Securities; worked in the planning and finance department of Huatai Securities (role during restructuring unclear); financial director and secretary of the board of Jintai Futures; general manager of Jiangsu branch of Wind Securities; deputy general manager of Jintai Futures; deputy general manager of Jiangsu Guoxin Group’s Capital Operation Department; general manager of the Capital Operation Department; and general manager of the Capital Operation Department and Financial Department of Jiangsu Guoxin Group. From January to March 2026, he served as Party Secretary of Lian Life.

In June last year, Lian Life welcomed its new president, Yan Weijin. Yan Weijin is a founding veteran of Lian Life, involved in the preparatory work, and previously served as the company’s interim leader, chief information officer, chief investment officer, and other positions.

Therefore, Lian Life is about to usher in a new leadership period of “Huang-Yan pairing.” In February this year, Huang Jian attended the company’s “First Spring Meeting” as Party Secretary of Lian Life and pointed out that by 2026, the company will focus on improving asset-liability management, accelerate efficiency and value enhancement, consolidate risk defenses, and promote steady and sustainable operations.

In terms of performance, Lian Life has achieved a turnaround in recent years. The reporter’s review shows that under consolidated accounting, from 2022 to 2024, Lian Life achieved premium income of 19.388 billion yuan, 22.016 billion yuan, and 24.457 billion yuan respectively; net profits for the same period were -2.757 billion yuan, 39 million yuan, and 48 million yuan respectively.

According to the solvency report, in 2025, Lian Life is expected to achieve premium income of 25.251 billion yuan and net profit of 22.7 million yuan. The annual net profit mainly came from the fourth quarter, with a single quarter net profit of 203 million yuan.

Additionally, issues related to the company’s compliance are also worth noting. According to quarterly solvency reports, in 2025, Lian Life and its branches were fined a total of 1.6674 million yuan (excluding individual penalties). Penalties included fabricating false data, unstandardized marketing training management, inadequate “dual recording” management, fictitious expenses, fictitious intermediaries, and fictitious policies, among others.

Premium acquisition of Zhongshan Public Utility shares, with potential for increased stake

While improving corporate governance, Lian Life’s investment footprint is also expanding continuously.

The reporter noted that last night, Zhongshan Public Utility disclosed the latest progress in the transfer of shares by its controlling shareholder, Zhongshan Investment Holding Group Co., Ltd. (“Zhongshan Investment”). Lian Life has been confirmed as the final transferee. The announcement states that as of now, Zhongshan Investment holds about 719 million shares of Zhongshan Public Utility (48.73%).

According to previous announcements, Zhongshan Investment plans to transfer about 74 million shares of Zhongshan Public Utility through a public solicitation, accounting for 5% of the company’s total share capital, at a price not less than 12.19 yuan per share. Based on this, the transaction amount is no less than 899 million yuan.

Zhongshan Public Utility’s closing price today is 11.12 yuan per share. Based on this, the premium rate for Lian Life’s acquisition is approximately 9.6%. As of the end of the third quarter last year, Lian Life held a 3.53% stake in Zhongshan Public Utility. If the transfer is completed, Lian Life will reach the threshold for a takeover.

Market opinions believe that the reason for Lian Life’s premium takeover may be related to Zhongshan Public Utility’s good performance. The performance forecast shows that Zhongshan Public Utility expects to achieve a net profit attributable to the parent of 1.798 billion to 2.158 billion yuan for the whole year, an increase of 50%-80% year-on-year.

In fact, in recent years, Lian Life has frequently taken actions in the secondary market, increasing holdings and taking stakes in multiple listed companies. In July 2025, Lian Life bought 1.1 million shares of Jiangnan Water Affairs (601199.SH), increasing its total holdings to 46.9954 million shares, raising the stake from 4.91% to 5.03%, triggering a takeover; in November 2024, Lian Life bought 500,000 shares of Shenzhen International (0152.HK), increasing its stake from 4.98% to 5.00%, triggering a takeover.

Additionally, Lian Life also holds stocks in Wuxi Bank (600908.SH), Changshu Bank (601128.SH), Anhui Natural Gas (603689.SH), and other listed companies, ranking among the top ten shareholders, favoring stable, high-dividend stocks such as banks and utilities.

Data shows that in 2025, Lian Life’s cumulative return on equity was 3.59%, total asset return was 0.18%, investment return was 5.56%, and cumulative comprehensive investment return was 2.46%. The average investment return over the past three years was 3.90%, and the average comprehensive investment return was 4.84%.