AviChina Industry & Technology Co Ltd

New China Life Insurance increased its holdings of Guotai Haitong H shares by 9,959,600 shares through centralized competitive trading on the secondary market on September 29, 2026, representing approximately 0.28% of Guotai Haitong's issued H share capital. The participant in this stake increase was New China Asset Management, while New China Asset Management Hong Kong did not take part. Before this change, New China Life held 235,151,920 Guotai Haitong H shares through New China Asset Management, about 6.71% of its H share capital, and 464,501,200 shares through New China Asset Management Hong Kong, about 13.25% of total H shares. New China Life and its concert parties together held 699,653,120 shares, about 19.96% of H share capital. After the change, New China Life and its concert parties together held 709,612,720 Guotai Haitong H shares, about 20.24% of the listed company's H share capital. As of September 29, 2026, the book balance of New China Life's holdings in Guotai Haitong H shares was 8.97 billion yuan, accounting for 0.48% of New China Life's total assets at the end of the previous quarter. As of June 30, 2026, the book balance of New China Life's equity assets was 440.275 billion yuan, accounting for 24.34% of the company's total assets at the end of the previous quarter. Earlier on September 29, New China Life also disclosed that on September 22 it increased its holdings in AVIC Science and Technology Industry H shares by 16.876 million shares, about 0.27% of AVIC Science and Technology Industry's issued H share capital. After the increase, its total holdings were about 321 million shares, with its stake rising from 4.89% to 5.17%, triggering a disclosure threshold. This year, the enthusiasm for insurer stake disclosures has cooled markedly. As of October 9, five insurance companies had disclosed stakes in listed companies nine times, compared with more than 30 disclosures by 13 insurers in the same period last year.

The enthusiasm of insurance funds for building stakes in listed companies has clearly cooled this year. As of September 30, five insurers had built stakes in listed company stocks eight times, while in the first three quarters of 2025, 13 insurers had done so more than 30 times. Among the institutions, Ping An Life was the most active, completing four stake-building moves involving Agricultural Bank of China, China Merchants Bank, and China Life's H shares, with China Life being targeted twice. In addition, CPIC Life built a stake in Shanghai Airport, Fude Property Insurance in Yakang, Lian Life in Zhongshan Public Utilities, and New China Life in AviChina Industry and Technology in September. In terms of timing, the pace of insurance fund stake-building has been relatively steady this year, with four instances in the first quarter, only one in the second, and one each in July, August, and September of the third quarter. The most recent stake-building came from New China Life, which on September 22 increased its holding of AviChina Industry and Technology H shares by 16.876 million shares through centralized bidding on the secondary market, accounting for about 0.27% of the total issued H share capital of AviChina Industry and Technology. After the increase, it held a total of about 321 million H shares, with its shareholding ratio rising from 4.89% to 5.17%, triggering the stake-building disclosure. As of September 22, the company's total book balance of holdings in AviChina Industry and Technology was 822 million yuan, accounting for 0.04% of its total assets at the end of the previous quarter. As of the end of June this year, New China Life's book balance of equity assets was 440.275 billion yuan, accounting for 24.34% of its total assets at the end of the previous quarter. Compared with last year, this year's insurance fund stake-building has not only decreased significantly in number but also changed in target structure. In 2025, insurance fund stake-building was relatively concentrated in high-dividend financial stocks such as banks and insurers, especially H shares. This year's eight stake-building moves covered banks, insurance, transportation, public utilities, computing power infrastructure, and aviation technology. It is worth noting that the decline in stake-building frequency does not mean insurance funds are shrinking their equity allocation. Since the beginning of this year, insurance funds have continued to increase equity asset allocation, not only through direct purchases on the secondary market but also through negotiated transfers and IPO strategic placements.