News17 Oct 2017

China:Listed online insurer forms microfinance JV

17 Oct 2017

China's largest online-only insurer has announced its first new joint venture since its massive initial public offering (IPO) last month.

ZhongAn Online Property & Casualty Insurance said it had entered into a related party agreement with Sinolink Worldwide (HK) to establish a microfinance firm in Chongqing in western China.

Sinolink Worldwide (HK) is a wholly-owned subsidiary of Sinolink Worldwide Holdings, which is 45.1% owned by ZhongAn Chairman Mr Ou Yaping who also controls a stake of more than 15% in ZhongAn through companies owned by him and his brother, Ou Yafei.

The venture, which is unnamed as yet, will have a registered capital of CNY300 million (US$45.5 million), in which ZhongAn has agreed to contribute 70% or CNY210 million, and Sinolink Worldwide (HK) the remaining 30%.

The company said it will provide loans, discounted notes, fund transfer and equity investments as permitted by the Chongqing Finance Office.

ZhongAn was set up in 2013 by the heads of internet giants Alibaba Group Holding and Tencent Holdings, along with Ping An Insurance Group.


 

| Print | Share

CAPTCHA image
Enter the code shown above in the box below.

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.

 

Recent Comments

There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.



Follow Asia Insurance Review