Rumor: Tencent, CITIC Guoan to Establish Online Life Insurance Firm

DoNews, 9/02/15

Chinese Internet and mobile services firm Tencent (0700.HK) will unite with CITIC Guoan Group (000839.SZ), a subsidiary of Chinese state-run CITIC Group Corporation, to establish an online life insurance firm, tentatively named Hetai Renshou, according to a person familiar with the matter.

Tencent reportedly submitted all company incorporation documents to the China Insurance Regulatory Commission in July 2015. The company will be founded in Jinan, Shandong province with RMB 1.5 bln in registered capital. Tencent and CITIC Guoan Group will be the largest shareholders, each holding a 15% stake in the new firm.

The insider stated that shareholders also include several private enterprises, such as home supply retail chain operator Beijing Easyhome Investment Holding Group.

Keywords: JV online insurance Internet Tencent CITIC Guoan 0700.HK 000839.SZ

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