Caixin Global – Latest China News & Headlines

Home >


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.

Pandemic Lockdowns Boost Sales on Alibaba, Pinduoduo
Amazon Unveils Its First Solar Power Project in China
Xiaomi Increases Investment in IoT Company
Xiaomi Increases Investment in IoT Company
Amazon Unveils Its First Solar Power Project in China
China ‘Unlikely’ to Reach Goal of 70% Self-Sufficiency in Chip Production, Report Says
Pandemic Lockdowns Boost Sales on Alibaba, Pinduoduo
Didi to Use AI to Protect Against Covid-19 in Latin America
Nestle to Build Its First Plant-Based Food Factory in China
Alibaba doubles down on smart speakers with $1.41bn investment
Luckin Stock Faces Wipeout in Rush to Sell Before Delisting
Xpeng Wins License to Produce Its Own Long-Range P7 Electric Cars
PUBG and Honor of Kings Are April’s Highest-Earning Games
Weibo Posts Stronger User Growth Even as Revenue Falls Amid Pandemic
Hong Kong Imitation Meat Pork Maker Gets Spammy
Beijing Approves to Test Passenger-Carrying ‘Driverless’ Vehicles
Baidu First-Quarter Revenue Drops 7%, Offset by iQiyi Growth
Sohu Reports Modest Revenue Growth, but Net Losses in First Quarter
Billionaire Jack Ma to Resign from SoftBank Board As Fund Announces Record Losses
China Chipmaker SMIC Raises $2.25 Billion From State-Owned Funds
China Hits Back at New U.S. Restrictions on Huawei Posts 20% Surge in First-Quarter Sales Amid Pandemic
Taiwan Chipmaker TSMC Creates ‘Good Will’ With $12 Billion U.S. Factory Plan
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