<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/news_bt/OL0p9Lx0oen4LDTi5a5eTwvJJV0BY78PvYDzIb9q4YjVMAA/1000?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/news_bt/OL0p9Lx0oen4LDTi5a5eTwvJJV0BY78PvYDzIb9q4YjVMAA/1000"/> Source: Visual China
Written by ｜ Xiao Wang
Edited by ｜ Sun Chunfang
Produced by ｜ Lens · Tencent Xiaoman Studio
The Hong Kong capital market is thriving. With leading companies such as CATL, Heng Rui Medicine, and Zijin Mining International set to list on the Hong Kong Stock Exchange in 2025, the Hong Kong Stock Exchange has reclaimed its position as the world's number one with a financing amount of HKD 289.6 billion after six years, and the Hang Seng Index rose by 27.77% throughout the year.
In 2026, the Hong Kong Stock Exchange will also welcome star companies such as the leading livestock company Muyuan Foods, AI large model company MINIMAX, and Zhipu to go public. The Hong Kong Stock Exchange has disclosed that over 400 listing applications are currently being processed.
Behind the wealth feast of booming investment and financing, &#34;aristocratic capital,&#34; represented by sovereign wealth funds, internationally renowned asset management institutions, industrial capital, and super-rich individuals, is savoring the most succulent parts of the feast through cornerstone investments. In 2025 alone, cornerstone investors subscribed to HKD 106.5 billion.
Insurance funds, known for their long-term and stable characteristics, have also frequently appeared on the cornerstone investor list for Hong Kong IPOs. As of the beginning of 2026, six insurance funds have already joined the ranks of cornerstone investors for ten Hong Kong IPOs. In 2025, a total of eight insurance funds participated as cornerstone investors for fifteen Hong Kong IPOs.
Why are insurance companies keen on trading Hong Kong stocks? Have they made money?
Taikang Profits 900 Million from Zijin Mining
Since the beginning of 2026, the Hong Kong stock market has been volatile, but investor enthusiasm for artificial intelligence companies has surged, with companies like MINIMAX (0100.HK) performing particularly well.
MINIMAX, which officially listed on the Hong Kong Stock Exchange on January 9, recently saw its stock price reach HKD 1,220 per share, a historic high, driven by the &#34;lobster craze&#34; sparked by OpenClaw, soaring over six times. Its total market capitalization exceeds HKD 380 billion.
Cornerstone investors who subscribed to MINIMAX shares at HKD 165 per share have made substantial profits.
Among them, the Abu Dhabi Investment Authority acquired the largest share, subscribing to 3.065 million shares. After MINIMAX's surge, the Abu Dhabi Investment Authority has realized a floating profit of over HKD 3.2 billion. Alibaba Software Company, renowned private equity firm Boyu Capital, Huatai-PineBridge, Prudential Group's Han Ya Investment, EFUND, IDG Capital, and others follow closely behind.
Taikang Life also spent HKD 156 million to acquire 943,100 shares, and as of March 10, this investment has gained nearly HKD 1 billion in floating profit within two months.
It should be noted that the floating profits of cornerstone investors are still paper wealth at this stage. According to Hong Kong Stock Exchange regulations, cornerstone investors are institutional investors that commit in advance to subscribe for shares at the issue price and have a minimum six-month lock-up period. The final profit and loss situation for cornerstone investors depends on the market performance after the stock lock-up period ends
According to Wind data analysis, the enthusiasm of insurance funds participating in Hong Kong stock IPOs has shown an explosive trend. From only 4 insurance funds participating in 2024, the number increased to 8 insurance funds participating in cornerstone investments for 15 Hong Kong stock IPO projects in 2025, with a subscription scale reaching HKD 4.058 billion. In just over two months of 2026, 8 insurance funds have already participated in cornerstone investments for 10 Hong Kong stock IPO projects, costing HKD 1.753 billion.
Among them, Taikang Life stands out prominently. In 2025, Taikang Life participated in cornerstone investments for 8 Hong Kong stock IPOs, and in 2026, it has already appeared among the cornerstone investors for 8 Hong Kong stock IPO projects. In terms of industry selection, healthcare, consumer goods, artificial intelligence, and intelligent manufacturing are all within its hunting range, and its high frequency of participation and subscription scale are rare among insurance funds.
As the profitability effect of Hong Kong stocks increases, Taikang Life has benefited significantly. According to incomplete statistics, Taikang Life has participated in subscription funds amounting to HKD 2.789 billion since 2025, and as of March 10, its corresponding stock holdings have already gained over HKD 4.1 billion in floating profits. Especially with the recent explosion in the artificial intelligence sector, Taikang Life's Hong Kong stock holdings surged by over HKD 825 million in just two days.
The most profitable project for Taikang Life comes from the artificial intelligence company—Zhipu (02513.HK), where Taikang Life, as a cornerstone investor, has already gained over HKD 1 billion in floating profits. Zijin Gold International is another project that has brought substantial profits to Taikang Life. At the end of September 2025, Zijin Mining packaged 8 overseas gold mines for listing, becoming the second-largest IPO globally in 2025, with Taikang Life investing HKD 468 million in subscriptions. With gold prices soaring, Zijin Gold International has surged 193% since its listing, and Taikang Life currently has floating profits exceeding HKD 900 million.
Cornerstone investments are not guaranteed to be profitable. Taikang Life has experienced varying degrees of floating losses in Dongpeng Beverage, Fengqian Technology, and Hesai-W, but clearly, there are more profitable projects.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/news_bt/OFYd-RQFheEmAggm0pgrEJ76SOF_kpd9yM3nsiHwNL4DoAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/news_bt/OFYd-RQFheEmAggm0pgrEJ76SOF_kpd9yM3nsiHwNL4DoAA/641"/> (Taikang's cornerstone investment projects and floating profit situation)
“Being able to secure a share is a sign of strength”
MINIMAX mentioned that cornerstone placements help enhance the company's image and indicate that the relevant investors are confident in its business and prospects.
Cornerstone investment is an institutional arrangement in the Hong Kong stock market, where institutional investors sign subscription agreements with issuers in advance to purchase a corresponding number of shares at the issue price, committing to lock in for a certain period after listing, usually for at least six months. Cornerstone investors serve as a &#34;ballast&#34; and credit endorsement for the successful issuance of IPOs.
Li Lin (pseudonym), the secretary of the board of a listed company in South China, introduced that compared to A-shares, it is easier to list on the Hong Kong stock market but difficult to issue.
In the past, listed companies typically needed to contact companies in the upstream and downstream industrial chain to participate in subscriptions to ensure successful issuance, and cornerstone investors play a &#34;supporting&#34; demonstration effect
In the past two years, the Hong Kong stock market has seen an increase in quality targets, enhancing the profit-making effect, especially with a higher success rate in initial public offerings (IPOs), leading to a surge in institutional investors' enthusiasm for cornerstone investments. &#34;Being able to secure a cornerstone investment share now is a testament to institutional strength.&#34;
Hu Zhihe, President of UBS Group China and Chairman of UBS Securities, mentioned in a recent media sharing that the participation of international long-term funds as cornerstone or core institutional investors in Hong Kong IPOs and refinancing projects has significantly increased. On one hand, high-quality targets in fields such as artificial intelligence, advanced manufacturing, and robotics are continuously being provided to the capital market; on the other hand, from a global asset allocation perspective, the revaluation of Chinese assets and structural growth potential offer investors an important choice to hedge against single market risks.
Li Lin also noted that Chinese assets are undergoing revaluation, with overseas long-term funds returning. In the past, the same company in the Hong Kong stock market typically traded at a discount compared to the A-share market, but currently, some leading companies listed in Hong Kong have no discount, and even have higher pricing in the Hong Kong market.
Taking CATL, a leader in the new energy battery sector, as an example, its H-share price on March 6 was HKD 513 per share, while the A-share price was CNY 354.77 per share, indicating a 28% premium for the Hong Kong stock. Its cornerstone investor list includes Sinopec Hong Kong, Kuwait Investment Authority, UBS, and others.
At the time of Zijin Mining International's listing, well-known investment institutions both domestically and internationally, such as the Singapore Government Investment Corporation, Hillhouse Capital, Oak Tree Capital, Gao Yi Asset Management, and Pacific Insurance, also competed to secure cornerstone investment shares.
In addition to Taikang Life, Cathay Life has also been very active, participating in cornerstone investments for projects such as Midea Group, Muyuan Foods, Sany Heavy Industry, and Chery Automobile for their Hong Kong IPOs. China Pacific Insurance benefited over HKD 1.2 billion through subscriptions to Zijin Mining International and CATL, making it one of the most successful insurance funds in cornerstone investments.
China Ping An, with an investable capital of CNY 6.41 trillion, currently appears only on the cornerstone investor lists for Muyuan Foods and Biran Technology. However, in 2025, it is expected to continue increasing its stakes in listed companies such as Postal Savings Bank of China, Agricultural Bank of China, China Merchants Bank, China Life Insurance, and China Pacific Insurance, drawing market attention. Fu Xin, Deputy General Manager and Chief Financial Officer of Ping An Group, mentioned that the stock investments allocated by Ping An in the first half of 2025 are expected to yield over CNY 60 billion.
However, Li Lin also pointed out that cornerstone investors are mainly divided into industrial investors and financial investors. For financial investors, their investment cycle in cornerstone investments generally spans 2-3 years, and it is not advisable to judge their investment gains or losses based on short-term stock price fluctuations.
CNY 13.1 trillion insurance funds rushing into the market to &#34;speculate&#34;
Insurance funds have never placed as much emphasis on equity investments as they do now.
According to data from the National Financial Regulatory Administration, as of the end of 2025, the balance of funds utilized by insurance companies was CNY 38.5 trillion, of which the balance of investments in stocks by life insurance companies was CNY 3.51 trillion, accounting for 10.12%; the balance of investments in stocks by property insurance companies was CNY 226.8 billion, accounting for 9.39%.
At the end of 2024, the balance of investments in stocks by life insurance companies was only CNY 2.27 trillion, accounting for 7.57%; property insurance companies had investments in stocks of CNY 160.1 billion, accounting for 7.21%
The balance and proportion of insurance funds invested in stocks have significantly increased. By 2025, the balance of insurance funds increasing their stock holdings is expected to reach 1.31 trillion yuan. This is not only a response to regulatory calls for patient capital but also a proactive increase in equity positions, aiming to address the ongoing decline in interest rates.
Insurance funds, which have large liabilities and long durations of several decades, are particularly sensitive to changes in interest rates. In the current low-interest-rate environment, insurance funds face a shortage of quality assets and the risk of &#34;spread loss,&#34; which refers to losses incurred when the investment yield of insurance funds is lower than the average predetermined interest rate of insurance contracts.
As the yield on ten-year government bonds falls to 1.85% in 2025, the investment yield of insurance companies is also inevitably adjusted downward. In the first half of 2025, the average investment yield of non-listed insurance companies was 1.96%, with about 90% of institutions falling below 3%.
Duan Guosheng, Vice President and Chief Investment Officer of Taikang Insurance, pointed out in a July 2025 article that changes in the interest rate environment are the primary challenge facing the current utilization of insurance funds. In a low-interest-rate environment, it is essential to emphasize the allocation value of equity assets. Relying solely on fixed-income assets can no longer meet the yield requirements for life insurance liabilities and the sustainable development of life insurance companies.
Duan Guosheng stated that equity assets have performed excellently in the long term but are subject to significant short-term volatility. Insurance funds must leverage their long-term capital advantages while adhering to prudent investment practices and maintaining a risk baseline. Dividend-paying assets, which have relatively low volatility and attractive dividend returns, are an important direction for the equity allocation of long-term life insurance funds.
Duan Guosheng also mentioned that insurance funds should focus on long-term layouts and seize investment opportunities within the themes of the times, such as technology growth sectors represented by artificial intelligence and robotics, traditional industries with stable profits, reasonable valuations, and high quality, investment opportunities arising from the overseas expansion of manufacturing and consumer brands, as well as segmented industries with factor endowment advantages.
A user in Wenzhou who purchased a million-yuan participating insurance policy is grateful for having locked in a guaranteed interest rate of 3% early on. She noted that in recent years, the settlement interest rate has rapidly declined, and since 2024, the settlement interest rate of her policy has been reduced from 4% to 3%.
Such products have long disappeared from the market. To prevent the risk of spread loss for insurance companies, regulators have continuously intervened to guide insurance companies to lower guaranteed interest rates. The guaranteed interest rate for participating insurance has gradually decreased from 2.5%, and since September 2025, the predetermined interest rates for participating insurance have generally remained at 1.75%. However, since the beginning of the year, some insurance companies have introduced participating whole life insurance with a predetermined interest rate of only 1.25%, attracting market attention.
This means that in the future, investors wishing to rely on insurance products for wealth management will depend on the investment capabilities and dividend realization rates of insurance companies.
(This text is only a compilation of publicly available information and does not constitute any investment advice.)

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601318

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515380

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MINM

HKXCY

Insurance companies are keen to invest in Hong Kong stocks, with Taikang Insurance making over HKD 4 billion in profits from Zijin Mining. In 2025, the Hong Kong Exchanges and Clearing (HKEX) raised HKD 289.6 billion, regaining the top position globally. In 2026, the HKEX will welcome several star companies to go public, with insurance funds frequently appearing on cornerstone investor lists. The Hong Kong stock market is volatile, but artificial intelligence companies like Minim are performing outstandingly, attracting a large number of investors

腾讯新闻 - 财经

EFUND GOLD MI ETF

Ping An

HKEX

EFUND GOLD MI-U

Taikang CSI 300 ETF

PING AN

Minim

Hong Kong Exchanges and Clearing (HKEX)

Insurance companies are keen on "stock trading": Taikang Insurance earns over 4 billion, Ping An frequently increases holdings in bank stocks