(Yicai Global) Jan. 30 -- China's stock markets opened lower this morning after the nation's largest insurer China Life posted an earnings warning for the 2018 financial year.
The Shanghai Composite Index was down 0.25 percent at 2,587.64 points as of 9.50 a.m. after opening 0.37 percent lower. The Shenzhen Component Index was down 0.15 percent at 7,540 at the same time after opening 0.44 percent lower. The ChiNext Price Index, which tracks growth enterprises in Shenzhen, was down 0.15 percent at 1241.77 after opening 0.43 percent lower.
China Life's turnover for 2018 could be between 50 percent and 70 percent lower than that of 2018, the Beijing-based firm said in a statement last night. The company blamed the result on equity investment losses on the local stock market. The benchmark Shanghai Composite Index has fallen as much as 30 percent over the past 12 months.
China Life's stock [HKG:2628; SHA:601628] was down 2.23 percent in Shanghai as of 9.50 a.m. and 3.43 percent down in Hong Kong.