London-listed UK insurance firm Standard Life announced Wednesday morning the sale of its Hong Kong arm to their Chinese joint venture, Heng An Standard Life Insurance.

The announcement stated that the deal may take 18 months for approval from Chinese and Hong Kong regulators, after which the amount payable will be calculated.

The South China Morning Post reports that this is the second sale of a Hong Kong insurance company to a mainland firm in two weeks. Beijing-based UCF Group recently acquired Hong Kong Life for the sum of HK$7.1 billion.