China Life invests US$300 mln in Visa IPO

China Life Insurance Co<601628><2628>, the nation's largest insurer, has bought a US$300 million worth of stake in Visa Inc's initial public offering launched last week, sources reported.

The purchase represents the first major investment ever conducted by a Chinese insurer in the U.S. stock market, the report said.

Visa sold 446.6 million Class A shares at US$44 a piece in its IPO. Shares in Visa, the world's largest credit card network, soared on their stock market debut, gaining 36% and adding more than US$15 billion to the company's market value.

To date, the unrealized gain achieved through the deal hit up to 50%.