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Life Insurance Start-up Embraces Private Investor in China

 

Friday, Mar 26,2010, 9:33:40 PM   Click:

The China Insurance Regulatory Commission, the nation's top insurance regulator, gave a nod to the opening of Zhongrong Life Insurance Co., Ltd., a life insurance start-up located in Shanghai, on March 25, 2010.

United Copper Foils (Huizhou) Ltd. spent CNY 57.2 million in cash buying 44 million shares or a 20% stake in the life insurance company, which will be engaged in the commercial life insurance business.

With a registered capital of CNY 220 million, Zhongrong Life Insurance was incorporated in September 2009 by six companies including United Copper Foils, Qidi Holdings Co., Ltd. (formerly known as Tsinghua Science Park), Zhongrun Hechuang Investment Co., Ltd., Jilin Province Trust Co., Ltd., Beijing Bailiwei Science Development Co., Ltd., and Hainan Aike Pharmaceutical Co., Ltd. The first four companies each own a 20% stake in Zhongrong Life Insurance, Bailiwei Science Development 15%, and Aike Pharmaceutical 5%.

United Copper Foils (Huizhou) Ltd. is an electrolytic copper foil manufacturer based in Huizhou City, Guangdong Provinc, south China. It is a subsidiary under the aegis of China-Kinwa High Technology Co., Ltd. (SHSE: 600110), a heat-shrinkable material manufacturer based in Changchun City, Jilin Province, northeast China.

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