Quick Take: Anbang Now More Than 98%-Owned by Insurance Bailout Fund
Debt-ridden Chinese financial conglomerate Anbang Insurance Group Co. Ltd., previously controlled by once high-flying tycoon Wu Xiaohui, is now nearly entirely owned by a state-run insurance bailout fund that injected almost $10 billion into the company earlier this year, the country’s banking and insurance regulator announced Friday.
The China Banking and Insurance Regulatory Commission (CBIRC) has approved revisions to the charter of incorporation of Anbang, which will see the China Insurance Security Fund (CISF) holding 60.8 billion shares of the company, or 98.23% of its total ordinary shares. The remaining stakes are owned by state-owned automaker SAIC Motor Corp. Ltd. and Sinopec, China’s top oil refiner, the CBIRC said in a statement.
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