New China Life Insurance, or NCI, was founded by SOEs and private firms in 1996. The company is the fifth- largest life insurer in China in terms of total assets. The government took over the 39% stake owned by private shareholders in 2005, when the company was found to have liquidity problems and defects in corporate governments after its former chairman was suspected of embezzling investment funds for illegal investment. Huijin Investment, the government’s investment company and SASAC, China’s SOEs manager currently own 31% and 12% shares of New China Life, respectively. The company was listed on the Hong Kong and Shanghai Stock Exchanges in 2011.