Having settled five equity disputes over eight years, Sino-Conflux Insurance will restart business
In 2013, Sino-Conflux Insurance was involved in several equity disputes due to its involvement in shareholding entrustment. The original China Banking and Insurance Regulatory Commission issued a "Letter of Supervision" to regulate and restrict its use of funds and business development. Under the influence of long-term disputes, Sino-Conflux Insurance's business has been in a state of suspension. The annual report has “delayed” in disclosure for eight consecutive years, and the product list has been empty.
Having been established for ten years, Sino-Conflux Insurance finally ushered in a critical turning point. Recently, Sino-Conflux's official website announced that all five equity ownership dispute litigation cases have been completed, and its business development is waiting to be back on track.
At present, even without regulatory supervision and litigation disputes, Sino-Conflux Insurance has a lot of work to do before getting back on track. First of all, it should straighten out equity relations, improve management structure, and establish development strategies. Then, it should redesign products and open up channels to get back in the market as soon as possible.
source: BlueWhale Insurance