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Pacific Insurance Unit Raises Stake in Shanghai Airport Operator to 5%

Published: Jan. 13, 2026 1:31 a.m. GMT+8

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China Pacific Insurance (Group) Co. Ltd. building in Shanghai. Photo：IC photo

Pacific Asset Management Co. Ltd., the investment arm of China Pacific Insurance (Group) Co. Ltd. (CPIC), has increased its stake in Shanghai International Airport Co. Ltd. to 5%, after acquiring a large block of shares at a discount.

The purchase, disclosed on Monday, involved 72.42 million shares worth about 2.14 billion yuan ($305 million), executed via a block trade at 29.55 yuan per share — nearly 10% below the closing price that day. The transaction increased the insurer’s total holding in the airport operator to 124 million shares from 51.99 million.

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Pacific Asset Management raised its stake in Shanghai International Airport Co. to 5% by purchasing 72.42 million shares for about 2.14 billion yuan at a nearly 10% discount.
The move reflects a trend of increased insurer equity investment in China, with record high 5% stake disclosures in 2025.
Shanghai International Airport’s 9-month 2025 revenue rose 5.7% to 9.71 billion yuan; net profit grew nearly 36% to 1.63 billion yuan.

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Who’s Who

Pacific Asset Management Co. Ltd.: Pacific Asset Management Co. Ltd. is the investment arm of China Pacific Insurance (Group) Co. Ltd. (CPIC). It recently increased its stake in Shanghai International Airport Co. Ltd. to 5%, acquiring shares worth 2.14 billion yuan ($305 million) in a block trade. This move, utilizing entrusted insurance capital from CPIC's life insurance arm, highlights a trend of increased long-term equity investments by Chinese insurers.

China Pacific Insurance (Group) Co. Ltd.: China Pacific Insurance (Group) Co. Ltd. (CPIC) is a major Chinese insurer. Its investment arm, Pacific Asset Management, increased its stake in Shanghai International Airport Co. Ltd. to 5%, a move signaling greater commitment to the airport operator. CPIC's increased equity investments align with a broader trend in China's insurance sector.

Shanghai International Airport Co. Ltd.: Shanghai International Airport Co. Ltd. is a state-backed airport operator. Pacific Asset Management, on behalf of China Pacific Insurance, increased its stake in the company to 5% after purchasing 72.42 million shares. This signals a greater commitment to the company, which has shown improving financial performance with increased revenue and net profit in the first nine months of 2025 due to a recovery in air passenger and cargo volumes.

China Pacific Life Insurance Co. Ltd.: China Pacific Life Insurance Co. Ltd. is the life insurance arm of China Pacific Insurance (Group) Co. Ltd. Its entrusted insurance capital was used by Pacific Asset Management Co. Ltd. to increase its stake in Shanghai International Airport Co. Ltd. to 5%. This transaction highlights a trend of Chinese insurers increasing long-term equity investments.

Shanghai Lingang Holdings Corp. Ltd.: Shanghai Lingang Holdings Corp. Ltd. is one of the publicly listed companies in which China Pacific Insurance (Group) Co. Ltd. (CPIC) holds more than a 5% ownership stake. This indicates a significant investment and commitment from CPIC in this entity.

Shanghai Rural Commercial Bank Co. Ltd.: Shanghai Rural Commercial Bank Co. Ltd. is one of the companies in which China Pacific Insurance (Group) Co. Ltd. (CPIC) holds more than a 5% stake. This indicates CPIC's strategic long-term equity investments, aligning with a broader trend in China's insurance sector.

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What Happened When

2021：: Shanghai International Airport shares traded at about 42 yuan.

Since late 2021：: China's benchmark Shanghai Composite Index climbed from 3,500 to around 4,100 points.

Late 2022：: CPIC executed block trades of Shanghai International Airport shares at a price of 53.50 yuan.

Early 2023：: CPIC executed block trades of Shanghai International Airport shares at a price of 49.35 yuan.

The first nine months of 2024：: Comparison period for Shanghai International Airport's 2025 financial results.

For the first nine months of 2025：: Shanghai International Airport posted 9.71 billion yuan in revenue, a 5.7% increase compared to the same period in 2024, and net profit attributable to shareholders jumped nearly 36% to 1.63 billion yuan.

2025：: Insurers crossed the 5% ownership threshold in publicly listed companies 41 times, a record for the decade.

2026-01-12：: Pacific Asset Management Co. Ltd. disclosed its purchase of 72.42 million shares of Shanghai International Airport Co. Ltd., increasing its stake to 5%.

AI generated, for reference only