Gree gets boost from insurer's buy

Gree Electric Appliances Inc of Zhuhai saw its shares surge 7.5 percent on Thursday on the news that Foresea Life Insurance, a unit of Chinese financial conglomerate Baoneng Group, had increased its stake in the company.

Experts said insurers' active participation in the stock market will continue next year because of their strong financial strength and confidence in high-quality listed companies.

Gree's shares closed at 30.6 yuan ($4.44) in Shenzhen on Thursday after the company said in a regulatory filing on Wednesday that Foresea Life had become its third-largest shareholder.