China's leading life insurance company China Life Insurance (LFC) announced it will be introducing its first investment-linked insurance policy pegged to the domestic capital market. The new policy will focus on investing in Chinese blue-chip stocks, especially financial stocks and new offerings. Shares of China Life surged higher by 10% to $63.92 on over 3 times the average daily volume.
Yucheng Technologies (YTEC), a leading provider of IT solutions and services to China's banking sector, announced it has inked an agreement with the Beijing Branch of the Bank of Communications to provide outsourced point-of-sale merchant-acquiring services that will target merchants for credit and debit card processing services. Shares of Yucheng finished higher by 1.6% at $15.63.
Some big winners among Chinese ADRs Wednesday were China Finance Online (JRJC), which rose 16% to $17.29; Huaneng Power International (HNP), which surged higher by 15% to $30.25; Aluminum Corp. of China (ACH), which advanced by 11.3% to $43.75; and China Southern Airlines (ZNH), which traded up 11% to $33.50.
Be sure to check out the Far East Portfolio at Stockpickr.com every night to find out which stocks in India and China are making big moves and announcing major news.For more on Asia, check out Daniel Harrison's coverage at TheStreet.com.