China Insurance Sector:Preferred shares to be another another

CIRC said it will introducepreferred shares for Chinainsurers in the near future

    We believe preferred shareswill most likely be categorisedas tier-2 core capital, henceeasing China insurers’ equitycapital-raising pressure

    Reiterate Positive stance onthe sector; Ping An as mainbeneficiary of the event, andChina Life remains top pick