Visa ( V ): China Life ( LFC ) cuts stake by 50% - 8/26/08

China Life Insurance Co. (LFC) has slashed its holding in Visa Inc. (V) by half, the nation's largest life insurer by premiums said in its first-half report Tuesday.

The document, posted on the Hong Kong stock exchange Web site, showed China Life held 3 million Visa shares by the end of June, down from the 6 million it subscribed to when the credit-card company listed in March.

The document didn't disclose the gains the insurer made from the stake sale.
China Life bought US$260 million worth of Visa shares when the company raised nearly US$20 billion from the U.S.'s largest initial public offering in March.
Visa priced the 446.6 million IPO shares at US$44 each.