A 45.57 percent stake in Chinese property insurer Tianan Insurance Co., Ltd. is put up for sale by eight shareholders at the Shanghai United Assets and Equity Exchange for CNY 1.98 per share.

The stake has been divided into four parts and the biggest is a 24.21 percent one. Those who plan to acquire the 24.21 percent stake, which is from five state-owned companies, should agree to buy the other 21.36 percent stake in the meantime. In addition, its net assets should be not less than CNY 200 million and accounts for over 30 percent of its total assets. Buyers could bid for the stake as a group, but the number of members of the group should not exceed five. The sale, which will change the insurer's holding structure, is said to be a strategic move it takes to boost an IPO.

Tianan Insurance has been established for 15 years and for consecutive 13 years, it earned money and delivered dividends to shareholders. Because of adjusted accounting standards and increased loss ratio rooted from frequent natural disasters, it suffered loss last year.