China insurance: Dingcheng Life’s foreign shareholder Shin Kong Life intends to withdraw, and Hongdou Group takes over 25% of the equity
On July 7, Dingcheng Life Insurance Co., Ltd. announced that Shin Kong Life has transferred all 25% of its shares in Dingcheng Life to Hongdou Group. After this equity transfer, Shin Kong Life no longer holds the equity of Dingcheng Life, and with 25% Hongdou Group has become the largest shareholder.

Meanwhile, Dingcheng Life Insurance also intends to adjust its capital increase plan. According to an announcement issued by Dingcheng Life on the same day, the company’s board of directors and general meeting of shareholders agreed to increase the registered capital of 2.5 billion yuan. After the capital increase, Dingcheng Life’s registered capital will increase to 3.75 billion yuan. However, Dingcheng Life did not disclose the detailed capital increase plan.

Previously, Dingcheng Life had announced on June 1, 2020 that it planned to increase its capital by 750 million yuan, and the registered capital would increase from 1.25 billion yuan to 2 billion yuan. According to the capital increase plan at the time, there were no new shareholders in the capital increase. Shin Kong Life invested 187.5 million yuan, Hong Kong Finance invested 250 million yuan, Shenzhen Bolin Asset Management Co., Ltd. invested 250 million yuan, and Shenzhen Leanju Commercial Co., Ltd. invested 62.5 million yuan.

According to the above plan, after the capital increase, Dingcheng Life would have three largest shareholders, with Shin Kong Life, Hong Kong Finance, and Bolin Asset Management each holding 25% of the shares.

Source: the Paper
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