China Pacific Insurance Invests Additional RMB 1.6 Bln in Ant Financial
TechWeb, 6/24/18
China Pacific Life Insurance, a subsidiary of China Pacific Insurance Group (2601.HK) (601601.SH), recently invested approximately RMB 1.6 bln in Ant Financial, the financial services affiliate of Chinese e-commerce conglomerate Alibaba Group (NYSE: BABA), according to information released by the Insurance Association of China. The investment was completed using insurance liability reserve funds including one-time distributions from the company's traditional and dividend insurance accounts of RMB 480 mln and RMB 1.12 bln, respectively.
China Pacific Life Insurance first invested RMB 900 mln in Ant Financial in July 2015 and it later contributed nearly RMB 1 bln to subscribe for new shares issued by Ant Financial in April 2016. Following its latest investment, China Pacific Life Insurance has invested approximately RMB 3.5 bln in Ant Financial to date.
At the start of June 2018, Ant Financial announced completion of nearly USD 14 bln in pre-IPO (Series C) funding, and the RMB 1.6 bln investment by China Pacific Life Insurance may be part of this funding round.
Editor's Note: For more information on this topic, please see Ant Financial Raises USD 14 Bln Series C, MD 6/08/18 issue.
Keywords: M&A Internet funding Alibaba Group financial services China Pacific BABA 2601.HK 601601.SH Ant Financial Group
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