Insurance funds continue to "increase" their positions in the stock market before the Dragon Boat Festival, Ping An's Hengyi private equity has been approved

The pilot reform of long-term investment of insurance funds has made new progress.

According to Zhitang: Ping An Asset Management Co., Ltd. has received official approval from the National Financial Regulatory Administration to establish Hengyi Chiying (Shenzhen) Private Fund Management Co., Ltd. (hereinafter referred to as "Hengyi Chiying Private Fund").

It is reported that Hengyi Chiying will act as the fund manager to issue a contract-type private securities investment fund specifically to Ping An Life, with an initial fund size of 30 billion yuan.

In the past year, large domestic insurance institutions have successively entered the list of "pilot reforms for long-term investment of insurance funds," investing in the domestic equity market through private placement platforms. Previously, China Life and Xinhua Insurance's subsidiaries jointly established Honghu Private Fund, and Taikang Asset Management established Taikang Stable Private Fund, both of which are examples.

Ping An Discloses Operational Details

According to the information disclosed by Ping An, the registered capital of the newly established Hengyi Chiying Private Fund is 300 million yuan, and it will be located in Qianhai, Shenzhen in the future.

It is reported that Hengyi Chiying will act as the fund manager to issue a contract-type private securities investment fund specifically to Ping An Life, with an initial fund size of 30 billion yuan. The fund will focus on the concept of "long-term investment and value investment," prioritizing high-quality listed companies that align with policy guidance and insurance fund allocation needs, actively leveraging the advantages of insurance funds as patient capital to support the high-quality development of China's capital market.

Hengyi Chiying Private Fund has set a new record for the scale of a single insurance fund's "investment in the market."

Insurance Funds' "Long Money" Exceeds 200 Billion Yuan

In the past year, insurance funds have established private fund institutions, creating a new channel for "long-term" entry into the domestic equity market.

In the first quarter of 2024, China Life and Xinhua Insurance jointly established Honghu Private Fund, becoming the first members of the pilot program for long-term stock investment by insurance funds. The first phase of Honghu has a scale of 50 billion yuan, focusing on high-quality listed companies with large market capitalization, good liquidity, and high market influence.

In May 2025, Xinhua Insurance announced an investment of 10 billion yuan to subscribe for shares in the Guofeng Xinghua Honghu Zhiyuan Phase II Private Securities Investment Fund (hereinafter referred to as "Honghu Fund Phase II"). Honghu Fund Phase II is still funded by Xinhua Insurance and China Life.

Currently, Honghu Private Fund is advancing the landing of the third phase of funding.

In addition, regulatory authorities have also approved Taiping Life Insurance, Sunshine Life Insurance, PICC Life Insurance, and Taiping Life Insurance to enter the second batch of pilot programs for long-term investment of insurance funds.

In fact, in addition to large insurance companies continuously promoting the reform of insurance fund investments, small and medium-sized insurance companies are also joining in. Market news indicates that China Post Insurance and China Post Insurance Asset Management have been approved to participate in the pilot program, with a scale of 10 billion yuan. Zhonghui Life Insurance, Agricultural Bank of China Life Insurance, and other institutions will also participate in this pilot reform.

On May 22, Guo Wuping, spokesperson for the Financial Regulatory Administration and Director of the Policy Research Department, stated at a press conference held by the State Council Information Office that the scale of the first batch of pilot programs for the long-term investment reform of insurance funds was 50 billion yuan, the second batch was 112 billion yuan, and a third batch of 60 billion yuan is to be approved soon, with a total scale of 222 billion yuan