BEIJING, Nov. 5, 2009 (Xinhua News Agency) -- AXA (NYSE:AXA) (CS.EURONEXT; AXA.NYSE), a French g lobal insurance group headquartered in Paris, has to give up its 15.6 percent stake in Taikang Life Insurance shares valued at 1.06 billion US dollars.

Following the news, several international financial firms including

Temasek Holdings, the Blackstone Group (BX.NYSE) and Kohlberg Kravis Roberts Group (KKR.EURONEXT) have all shown interest and will bid for the shares on Friday (November 6).

A source familiar with the issue disclosed that AXA is reluctant to

sell its Taikang Life stake, but its holdings in Chinese insurance co mpanies is not in line with the forthcoming regulations.

According to the draft of new regulations released by the China Ins urance Regulatory Commission in September, foreign financial instituti ons should not hold the equity of two Chinese insurance companies.

AXA formed a joint venture with China Minmetals Corporation in 1999

named AXA-Minmetals Assurance Company and holds 51 percent stake in t he joint venture.

In 2006, AXA acquired Winterhur Insurance for 10 billion US dollars

and thus obtained Taikang Life shares held by Winterhur Insurance.