People's Insurance buys into Datang Mobile
12 December 2007
Datang Mobile, one of the developers of China's TD-SCDMA 3G wireless standard, is set to directly issue shares to People's Insurance, the country's second-largest insurer, China Business Net reported (in Chinese). People's Insurance will invest over US$200 million to buy shares in the telecom developer. The move will be the first investment by an insurance company in China's telecom sector, said People's Insurance president Wu Yan. Datang's stock rose 5.02% to RMB18.21 (US$2.47) in response to the news Tuesday.