UCF consortium said to be in late-stage talks to buy Hong Kong Life Insurance

Hong Kong

A CONSORTIUM including China UCF Group Co is vying with Yue Xiu Group to acquire Hong Kong Life Insurance Ltd, according to people familiar with the matter, in the latest attempt by a mainland company to buy an insurer in the former British colony.

UCF is in late-stage discussions with Hong Kong Life's owners, who are seeking to reach an agreement by the end of the month, according to the people. The Beijing-based financial group is bidding together with Hong Kong-listed Credit China FinTech Holdings Ltd, the people said, asking not to be identified because the information is confidential. Hong Kong Life's owners have been discussing a valuation of more than US$700 million, one of the people said. Yue Xiu, an investment arm of the southern Chinese city of Guangzhou, also remains in talks, the people said.