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The Wall Street Journal: China’s Taikang Life Insurance reveals 13.5% stake in Sotheby’s

Taikang Life Insurance Co. has disclosed a 13.5% stake in Sotheby’s, citing a “positive view” of the auction company’s prospects as well as potential interest in a board seat.

Taikang detailed its stake in a filing with the Securities and Exchange Commission on Wednesday.

A Sotheby’s spokesman didn’t immediately comment on the filing.

Taikang said it has expressed to Sotheby’s management and members of its board support for the company’s “broader strategic initiatives and provided suggestions regarding future director nominations for election,” potentially including people associated with Taikang.

Taikang, one of China’s biggest insurance companies, is run by Chen Dongsheng, a businessman who is grandson-in-law of Chinese revolutionary patriarch Mao Zedong.

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