高盛拟竞购中国泰康人寿少数股权

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)私人股本部门已成为安盛(Axa)正在出售的一家中国寿险公司少数股权的领先竞购者。

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，高盛的资本投资部门正与安盛谈判，以部分或全部购买这家法国保险商正在出售的泰康人寿(Taikang Life) 15.6%的股权。

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

持有泰康人寿8%股权的主权财富基金——新加坡政府投资公司(Government of Singapore Investment Corp, GIC)也正在考虑增持股份。

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

安盛这部分股权提供了进入中国快速增长的寿险市场的契机，市场估值为10亿美元。

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.

少数股权对高盛这样的金融投资者尤其具有吸引力，因为泰康人寿正积极筹划上市，这将给股东提供一条干净利落的退出路径。

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

过去15年内，高盛的资本投资部门对亚洲各地的金融公司进行了成功投资。

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

它曾是泰康人寿较大的竞争对手中国平安(Ping An)的早期投资者，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.

在由中国人寿(China Life)和中国平安主导的中国寿险市场，泰康占有约8%的市场份额，总资产为280亿美元，去年的净利润约2.5亿美元。

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

安盛去年已聘请摩根士丹利(Morgan Stanley)担任此次股权出售的顾问。此次出售源自监管机构的要求。

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.

这家法国保险公司还在10年前与中国五矿集团(China Minmetals Corp)合资成立的保险公司中拥有51%的股份。泰康的股份是它2006年收购瑞士信贷(Credit Suisse)旗下瑞士丰泰人寿(Winterthur Life)时获得的。

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

若干全球私人股本集团也研究了竞购这部分股权的可能性。

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，取决于安盛与最终买家达成的售价，新加坡政府投资公司可能转而决定减持股权。

Goldman, Morgan Stanley and GIC declined to comment.

高盛、摩根士丹利和新加坡政府投资公司均拒绝置评。

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译者/何黎