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Anbang Overhaul Continues as Administrator Sells Stakes in Major Chinese Bank

By Wu Yujian and Guo Yingzhe / Oct 28, 2019 05:10 PM / Business & Tech

Photo: IC Photo

Photo: IC Photo

Scandal-ridden Anbang Insurance Group keeps on shedding weight after its rescuer Dajia Insurance Group partially sold Anbang stakes in a major Chinese bank worth 14.7 billion yuan ($2.1 billion).

In the past two months, Dajia has sold all of the stakes that Anbang Property & Casualty Insurance — an Anbang subsidiary — held at Shanghai- and Hong Kong-listed China Merchants Bank, according to a statement the bank issued Friday. Based on the bank’s average Shanghai share price of 35.3 yuan from Aug. 28 to Oct. 25, Anbang Property & Casualty’s 1.65% ownership could be worth 14.7 billion yuan.

Dajia retains control of several other Anbang subsidiaries.

Many of Anbang’s assets have been disposed of since the country’s top insurance regulator took over the once high-profile company in February 2018 as it struggled to pay back investors. Regulators have vowed to sell Anbang’s unnecessary financial licenses, and overseas assets with poor synergy with its insurance business.

Read the full story later today on Caixin Global.

Contact reporter Guo Yingzhe (yingzheguo@caixin.com)

Related: Watchdog Hands Anbang Units to New Insurance Firm

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