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Financial conglomerates profit on stock investments

The nation’s major financial conglomerates with life insurance subsidiaries have reported higher net profits for the first quarter of this year on the back of investment returns, buoyed by the booming domestic stock market, companies’ data showed. Fubon Financial Holding Co (富邦金控), the nation’s second-largest financial holding firm by assets, yesterday reported net profit of NT$11.49 billion (US$403.7 million) for last month, up 42 percent year-on-year, while its net profit totaled NT$50 billion in the first quarter, up 118 percent year-on-year, it said in a statement. Earnings per share were NT$4.89 in the first quarter, ranking the company first among the nation’s

Hang Seng Index: What s the Outlook with Upcoming Revamp?

Hong Kong’s Hang Seng Index advanced 1.5% on Tuesday morning Shares of tech and consumer names had plunged last week, weighing on the index A fund manager foresees the index touching 40,000 points after its revamp Potential deletions include a Chinese bank and insurance firm Trade the Hang Seng Index, long or short, with an IG account Hang Seng Index shares on the mend Blue-chip benchmark Hang Seng Index (HSI), the main indicator of Hong Kong’s overall market performance, inched up on Tuesday (09 March) morning following steep losses over the past week. HSI rose 1.5% or 438.14 points to 288,978.97 as of 11:21 SGT.

China Development tender offer for insurer succeeds

China Development tender offer for insurer succeeds By Kao Shih-ching / Staff reporter China Development Financial Holding Corp (中華開發金控) yesterday said its public tender offer for China Life Insurance Co (中國人壽) was successful. China Life shareholders with a combined 25.76 percent stake accepted its offer of NT$23.6 per share, higher than its previous target, China Development said. The tender offer opened on Jan. 8 and closed on Tuesday. It was conditional on China Development being able to purchase at least 236.57 million China Life shares, or 5 percent of the total. A sign bearing the logo of China Development Financial Holding Corp is pictured outside the company’s headquarters in Taipei in an undated photograph. The company yesterday said its public tender offer for China Life Insurance Co was successful, boosting its stake in China Life from 34.82 percent to 55.95 percent.

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