(Yicai Global) Dec. 28 -- Tsinghua Tongfang, whose largest shareholder is China National Nuclear Corporation, plans to lower the listing price for its half of a Chinese life insurer also owned by Dutch insurance giant Aegon, which the high-tech firm is selling to focus on its main business.

Tsinghua Tongfang will reduce the reserve price of its stake in Aegon THTF Life Insurance by 8 percent to CNY5.8 billion (USD877 million) before a listing on the Shanghai Stock Exchange, the commercial arm of Beijing’s renowned Tsinghua University said in a statement yesterday.

A sale will help Tsinghua Tongfang focus on developing CNNC's main business. Through the move, the Beijing-based seller intends to further optimize its industrial layout and resource allocation while accelerating returns.

Tsinghua Tongfang, which is in software, nuclear technology and finance, announced on Aug. 31 that it planned to sell its half of Aegon THTF Life through a public listing. The Shenzhen-based joint venture secured its insurance business license in 2003.

Tsinghua Tongfang's stock [SHA: 600100] fell 0.5 percent to close at CNY4.29 (60 US cents) today.

Editor: Emmi Laine, Xiao Yi