高盛擬競購中國泰康人壽少數(shù)股權(quán)

The private equity unit of Goldman Sachs has emerged as a leading contender to acquire a minority stake in a Chinese life assurer being sold by Axa.

高盛(Goldman Sachs)私人股本部門已成為安盛(Axa)正在出售的一家中國壽險公司少數(shù)股權(quán)的領(lǐng)先競購者。

People familiar with the situation said that Goldman's principal investment arm is in talks to acquire some, or all, of the 15.6 per cent stake in Taikang Life being sold by the French insurer.

知情人士表示，高盛的資本投資部門正與安盛談判，以部分或全部購買這家法國保險商正在出售的泰康人壽(Taikang Life) 15.6%的股權(quán)。

The Government of Singapore Investment Corp, the sovereign wealth fund, which holds 8 per cent of Taikang Life, is also considering raising its stake.

持有泰康人壽8%股權(quán)的主權(quán)財富基金——新加坡政府投資公司(Government of Singapore Investment Corp, GIC)也正在考慮增持股份。

Axa's stake, estimated to be worth $1bn, offers exposure to China's fast-growing life assurance sector.

安盛這部分股權(quán)提供了進入中國快速增長的壽險市場的契機，市場估值為10億美元。

A minority stake is especially attractive for financial investors such as Goldman Sachs because Taikang Life is pushing for a stock market listing, a move which would provide shareholders with a clean exit route.

少數(shù)股權(quán)對高盛這樣的金融投資者尤其具有吸引力，因為泰康人壽正積極籌劃上市，這將給股東提供一條干凈利落的退出路徑。

Goldman Sachs' principal investment arm has successfully invested in financial companies across Asia over the past 15 years.

過去15年內(nèi)，高盛的資本投資部門對亞洲各地的金融公司進行了成功投資。

It was an early investor in Ping An, Taikang Life's larger rival, before its stock market listing in 2004.

它曾是泰康人壽較大的競爭對手中國平安(Ping An)的早期投資者，平安于2004年上市。

Taikang Life has a market share of about 8 per cent, in a sector dominated by China Life and Ping An. It has total assets of $28bn and net income last year reached approximately $250m.

在由中國人壽(China Life)和中國平安主導(dǎo)的中國壽險市場，泰康占有約8%的市場份額，總資產(chǎn)為280億美元，去年的凈利潤約2.5億美元。

Axa last year appointed Morgan Stanley to advise on the sale, which has been triggered by regulatory demands.

安盛去年已聘請摩根士丹利(Morgan Stanley)擔(dān)任此次股權(quán)出售的顧問。此次出售源自監(jiān)管機構(gòu)的要求。

The French insurer also owns a 51 per cent stake in an insurance joint venture with China Minmetals Corp, formed 10 years ago, and inherited the Taikang stake when it acquired Winterthur Life from Credit Suisse in 2006.

這家法國保險公司還在10年前與中國五礦集團(China Minmetals Corp)合資成立的保險公司中擁有51%的股份。泰康的股份是它2006年收購瑞士信貸(Credit Suisse)旗下瑞士豐泰人壽(Winterthur Life)時獲得的。

Global private equity groups have also studied a possible bid for the stake.

若干全球私人股本集團也研究了競購這部分股權(quán)的可能性。

Depending on the sale price struck with an eventual buyer, people familiar with the matter said that GIC could instead decide to reduce its stake.

知情人士表示，取決于安盛與最終買家達成的售價，新加坡政府投資公司可能轉(zhuǎn)而決定減持股權(quán)。

Goldman, Morgan Stanley and GIC declined to comment.

高盛、摩根士丹利和新加坡政府投資公司均拒絕置評。

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譯者/何黎