Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
Tech Brief (Sept. 26): Trump Approves TikTok Deal
Yangtze Memory’s Parent Restructures to Pave Way for IPO Amid Sanctions Pressures
Xiaomi Ups the Stakes in Premium Market With iPhone-Style 17 Series
LATEST
Chinese Chipmaker Moore Threads Gets Fast Track Approval to $1.1 Billion IPO
Chinese Drone Maker XAG Files for Hong Kong IPO After First Annual Profit
GPT Weekly: Nvidia to Invest $100 Billion in OpenAI
Tech Brief (Sept. 26): Trump Approves TikTok Deal
Xiaomi Ups the Stakes in Premium Market With iPhone-Style 17 Series
Yangtze Memory’s Parent Restructures to Pave Way for IPO Amid Sanctions Pressures
Tech Brief (Sept. 25): Alibaba Launches AI Models
Alibaba Bets Big on ‘AI + Cloud’ With New Models, Nvidia Deal
GlobalFoundries Boosts U.S. Investment, Adds China Fabs to Meet Auto Chip Demand
Tech Brief (Sept. 24): Mercedes-Benz, ByteDance Partner on In-Car AI
Tech Brief (Sept. 23): Nvidia Plans $100 Billion Investment in OpenAI for AI Data Centers
Tech Brief (Sept. 22): Trump Says Murdoch Family May Be Involved in TikTok Deal
GPT Weekly: CoreWeave Secures $6.3 Billion Nvidia Order
Huawei Unveils Three-Year AI Chip Roadmap as Nvidia Faces Setbacks in China
Tencent Cloud Shuns Price War in Intensifying AI Race
China’s Regulator Ramps Up Push to Curb Food Delivery Subsidy War
Chinese Robot Startup Unitree Gears Up for Market Debut
China Enforces AI Content Labeling Rules to Curb Misuse
Tech Brief (Sept. 2): China Rolls Out Mandatory AI Labeling
Meituan Enters Open-Source AI Race With LongCat Model
Troubled Financial Giant Anbang Offloads Insurance Unit

By Wu Yujian, Wu Hongyuran and Timmy Shen / Jul 04, 2019 10:50 PM / Finance

Photo: Bloomberg

Photo: Bloomberg

Scandal-ridden Anbang Insurance Group Co. Ltd. has seen more of its assets cleared out under the supervision of a government group tasked with defusing its risks.

Anbang and its property insurance subsidiary have decided to sell a combined 100% stake in Hexie Health Insurance Co. Ltd. to five investors, the health insurer said in an announcement. After the equity transfer, Fujia Group Co. Ltd., a privately owned company with businesses in petrochemicals, real estate and finance, will hold a 51% stake in Hexie, becoming its biggest shareholder.

The transaction has gained approval from the government group that took over Anbang in February 2018, and is pending approval from the China Banking and Insurance Regulatory Commission (CBIRC), according to the announcement.

The stake transfer marks the latest disposal of an Anbang asset. Since the government takeover, Anbang has disposed of or is in the process of disposing of more than 1 trillion yuan ($146 billion) in assets in total, CBIRC Vice Chairman Liang Tao said Thursday at a press briefing.

Last year, Anbang’s founder and former chairman Wu Xiaohui was sentenced to 18 years in prison for fundraising fraud and embezzlement.

Related: An Era Ends at Anbang as Founder Sentenced to Prison

Share this article
Open WeChat and scan the QR code