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China Life Plans Up to 4.5 Billion Yuan Fund for AI and Semiconductor Investments
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On September 24, China Life Insurance Company announced a plan to establish a new equity investment fund, Qingdao Chengxin Zhida Equity Investment Center, with total committed capital of up to 60 billion yuan. China Life will contribute up to 45 billion yuan. The fund will focus on investing in high-quality unlisted companies in the artificial intelligence and semiconductor sectors, aligning with China's policy of technological self-reliance and industrial autonomy. This is China Life's fourth announced investment in 'new quality productive forces' this year, bringing total committed capital to approximately 160 billion yuan. The company stated the move supports emerging industries and aims to capture long-term growth returns from hard technology. China Life's Vice President and Chief Investment Officer Liu Hui noted that the company's investments in new quality productive forces have grown at an average annual rate of 30%, reaching over 540 billion yuan, and that future allocations will continue to target AI, semiconductors, health, biotech, green energy, and new infrastructure.
Source report
On the evening of September 24, China Life Insurance Company announced a new investment initiative. The company plans to enter into a partnership agreement to establish the Qingdao Chengxin Zhida Equity Investment Center (Limited Partnership), which will focus on investing in high-quality unlisted equities in the artificial intelligence (AI) and semiconductor sectors. The total proposed capital contribution from all partners shall not exceed RMB 6 billion, with China Life contributing no more than RMB 4.5 billion.
This marks the fourth equity investment project announced by China Life this year targeting new quality productive forces, with cumulative contributions reaching approximately RMB 16 billion.
Fund Details
According to the announcement, the Chengxin Zhida fund will have a total scale of no more than RMB 6 billion, with China Life contributing up to RMB 4.5 billion. The fund has a term of six years and is positioned as a technology innovation equity fund.
Investment Focus:
- Artificial Intelligence – a key area of global technological competition
- Semiconductors – the foundation for industrial chain self-sufficiency and control
The fund will target high-quality unlisted companies that possess core technological barriers, significant potential for domestic substitution, and strong long-term growth prospects within these two sectors.
Strategic Significance
China Life stated that this project represents an important step in implementing its "15th Five-Year Plan" deployment, supporting the development of emerging pillar industries, and cultivating new quality productive forces. It also serves as a key tool for optimizing the company's asset allocation and capturing long-term growth dividends from hard technology.
As of June 30, 2026, China Life's total assets and investment assets stood at RMB 8.09 trillion and RMB 7.95 trillion, respectively, maintaining steady growth.
"Unlocking Long-Term Return Potential"
China Life emphasized that this transaction reflects its commitment to supporting emerging industries and new quality productive forces policies, while helping to build a diversified technology innovation investment portfolio and enhance returns on insurance fund investments.
Previous 2026 Technology Investments
Prior to this project, China Life announced three other technology-focused equity investments this year:
- January – Established the Huizhi Yangtze River Delta (Shanghai) Private Equity Fund Partnership with multiple parties. Total capital contributions: RMB 5.0515 billion (China Life: RMB 4 billion). Focus areas: AI, integrated circuits, and biomedicine.
- March – Committed RMB 2.8 billion to the Fujian Xinrui Kechuang Relay Equity Investment Fund Partnership (Limited Partnership). Total contributions: RMB 4.0154 billion. The fund focuses on the private equity secondary market, investing in technology innovation sectors supported by national policies.
- July – Entered into a partnership agreement with Guoshou Industrial Investment Management Co., Ltd. to establish the Tianjin Shenghe Xincheng Equity Investment Fund Partnership, focusing on semiconductor companies. Fund size: RMB 5 billion (China Life: RMB 4.999 billion).
Insurance Capital as Patient Capital
In recent years, insurance funds have increasingly acted as patient capital to support technology innovation. China Life's 2026 semi-annual report began highlighting the phrase "unlocking long-term return potential," and the company elaborated on its investment strategy in new quality productive forces during its August mid-year performance briefing.
Liu Hui, Vice President and Chief Investment Officer of China Life, stated that the company has long supported the real economy, with new quality productive forces being a key area of increased investment in recent years. She described it as the most promising growth pole for achieving differentiated returns.
Key highlights from her remarks:
- China Life's investment in new quality productive forces has grown at a compound annual rate of 30%
- Total investment scale exceeds RMB 540 billion
- With approximately RMB 8 trillion in assets, the company sees vast room for future deployment
- Core investment directions include: AI and semiconductors, health and biotechnology, green energy, and new infrastructure
- The company will support enterprises through R&D, industrialization, and mature operational cycles
Source: Securities China
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东方财富网Eastern
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China Life commits up to 4.5 billion yuan to AI and semiconductor equity fund