Yuyuan Tourist Mart Group, a Chinese retail conglomerate, will promote its 0.6% stake in Taikang Insurance Group for practically CNY1.2bn ($175.3m) .
The gross sales proceeds from the disposal of the holding of 17.4m shares will enable the retail conglomerate to realise fourfold positive aspects on the price of the stake, that was acquired in October 2014, reported Yicai Global.
Taikang will buy back the 17.4m shares at CNY66.58 apiece in money, the Shanghai-based division retailer operator says in a press release.
Founded in 1996, Taikang is engaged in insurance, asset administration, and healthcare.
