English translation of the announcement, dated June 28, 2023 – Form 6-K
Commission File Number 001-31914
中國人壽保險股份有限公司
(A joint stock limited company incorporated in
(Stock code: 2628)
Announcement on Regular Related Party Transaction
HIGHLIGHTS
| • |
The Transaction: The Company proposes to enter into a Cooperation Agreement on Operating Demand Deposit (the "Operating Demand Deposit Agreement") and an Agreement on RMB Corporate Agreement Deposit (the "Corporate Deposit Agreement") with |
| • |
The Transaction is not required to be submitted to the Shareholders' Meeting for approval. |
| • |
Impact of the Transaction on the Company: As a stock-holding commercial bank duly established with approvals obtained in accordance with relevant laws, CGB may engage in various financial services. The operating demand deposit and RMB agreement deposit related party transactions between the Company and CGB are in the ordinary course of the Company's business and are beneficial for the Company to deepen the strategic cooperation relationship with CGB and promote the Company's main business, including insurance business and investment activities. |
I. GENERAL DESCRIPTION OF THE TRANSACTION
1. Deliberation Procedures for Regular Related Party Transactions
On
Commission File Number 001-31914
The Transaction is not required to be submitted to the Shareholders' Meeting for approval.
2. Opinion of Independent Directors
All the independent directors of the Company reviewed documents pertinent to the Transaction in advance, consulted the management of the Company with respect to certain issues, agreed to submit the matter to the
II. INTRODUCTION OF THE RELATED PARTY
1. Background of the
Established in 1988,
As of
2. Related Relations with the Company
According to the Listing Rules of
Commission File Number 001-31914
III. KEY TERMS OF THE TRANSACTION
1. Operating Demand Deposit Agreement
i. General Description and Limitations on Transaction Amounts
According to the Operating Demand Deposit Agreement, the Company and CGB will carry out demand deposit related party transactions based on normal commercial terms in the ordinary course of business relating to insurance business and the income and expenses of daily operating activities in accordance with laws, regulations, regulatory provisions and general commercial principles.
During the term of the agreement, the total end-of-day balance of operating demand deposits of the Company with CGB on any day shall not exceed
ii. Pricing Mechanism
It shall be negotiated and determined in accordance with laws, regulations and regulatory provisions and under the principle of compliance, fairness and impartiality. The deposit interest rate shall be the interest rate for demand deposits published on the official website of CGB, and the pricing shall be conducted on terms not more favorable than those for similar transactions with non-affiliated parties.
iii. Execution and Term
The Operating Demand Deposit Agreement shall be valid for three years from
2. Corporate Deposit Agreement
i. General Description and Limitations on Transaction Amounts
According to the Corporate Deposit Agreement, in order to increase the income of eight current demand deposit accounts opened by the Company with the CGB Beijing Branch, the Company and CGB will carry out RMB agreement deposit related party transactions based on normal commercial terms. Under the agreement, a basic deposit limit shall be set for each account. The portion of the account balance not exceeding the basic deposit limit shall be included in the total of demand deposits, the interest of which shall be calculated at the listed interest rate for demand deposits published by CGB. The portion of the account balance exceeding the basic deposit limit shall be included in the corporate deposits, the interest of which shall be calculated at the rate of corporate deposit, which shall be implemented by adding 0.20 percentage point on the base interest rate of the
During the term of the agreement, the total end-of-day balance of the eight current demand deposit accounts opened by the Company with the CGB Beijing Branch on any day shall not exceed
Commission File Number 001-31914
ii. Pricing Mechanism
The pricing of interest rates shall be determined under the self-regulatory mechanism for interest rate pricing of the State and the
iii. Execution and Term
The Corporate Deposit Agreement shall be valid for two years from
IV. IMPACT OF THE TRANSACTION ON THE COMPANY
As a stock-holding commercial bank duly established with approvals obtained in accordance with relevant laws, CGB may engage in various financial services. The operating demand deposit and RMB agreement deposit related party transactions between the Company and CGB are in the ordinary course of the Company's business and are beneficial for the Company to deepen the strategic cooperation relationship with CGB and promote the Company's main business, including insurance business and investment activities.
V. DOCUMENTS AVAILABLE FOR REVIEW
| 1. |
Prior consenting opinion and independent opinion by independent directors on the Transaction |
| 2. |
Operating Demand Deposit Agreement |
| 3. |
Corporate Deposit Agreement |
Board of Directors of
Attachments
Disclaimer


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