A combined of 45.57 percent stake in Tianan Insurance Co., Ltd., the fifth biggest non-life insurer in China, is put up for sale by eight shareholders at the Shanghai United Assets and Equity Exchange for CNY 1.881 billion.

The stake has been divided into four parts and the biggest is a 24.21 percent one with a tag of CNY 999.4 million. Of the 24.21 percent stake, 8.4 percent is from Shanghai Lujiazui Group, 5.76 percent is from Shanghai Jinqiao (Group) Co., Ltd., 4.38 percent is from Shanghai Pudong Land Development (Holding) Corp., 4.08 percent is from Shanghai Waigaoqiao Free Trade Zone Development Co., Ltd. (SHSE: 600648) and 1.59 percent is from Shanghai Lujiazui Finance & Trade Development Co., Ltd. (SHSE: 600663).

Those who plan to acquire the stake should agree to buy the other 21.36 percent stake in the meantime. Sources said that the Shanghai-based insurer is in urgent need to raise capital to replenish registered capital and lift solvency.