China Post Life is a subsidiary of China Post Group Co., Ltd. and is a leading bank-affiliated life insurer focused on bringing financial protection to the mass and emerging mass-affluent market in China. Through its distribution partnership with PSBC, it has access to the largest retail financial distribution network of approximately 40,000 financial outlets nationwide and more than 600 million retail customers. China Post Life currently distributes in 21 provinces, covering 80% of the PSBC network.

Partners Fang Liu (Hong Kong) and Yufei Liao (Beijing) led the deal, supported by counsel Yuling Geng (Hong Kong) and trainees Jiahong Cai and Wanyi Yan (Beijing). Clifford Chance acted as lead international counsel to China Post Life and Qinli Legal acted as PRC counsel.

Commenting on the transaction Fang Liu said, “We are glad to have advised China Post Life on this landmark transaction in China’s insurance sector. This work reflects our strong cross-border M&A practice as well as leading expertise in financial institutions transactions. We would like to thank China Post Life for putting their trust and confidence in our team on such an important mandate.”

The completion of the transaction remains subject to customary closing conditions, including regulatory approvals.