News Technology18 Apr 2018

China:E-commerce giant takes stake in Allianz China

18 Apr 2018

China's second-biggest e-commerce company, JD.com, will invest CNY537 million (US$85 million) in Allianz China General Insurance, taking a 33% stake and becoming its second largest shareholder, according to an announcement published by the Insurance Association of China.

Shenzhen Huijing Tongda Business Consulting and Zhongyuan Xinda Intellectual Property Agency also participated in the round.

Following the acquisition, the registered capital of previously wholly-owned Allianz will increase to CNY1.61 billion from the current CNY805 million. Allianz Insurance Group will retain 50% of the shares.

JD.com and Allianz have also reached a long-term cooperation deal and plan to build a digital insurance joint venture to meet the rapidly evolving needs of Chinese consumers.

The deal requires regulatory approval.


 

| Print | Share

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.

Other News



Follow Asia Insurance Review