China placed a controlling stake in the transformed Anbang in the block for US$5.2 billion Reuters


© Reuters. File picture: On July 11, 2019, you can see the company’s flag and the logo of Dajia Insurance Group in the former headquarters of Anbang Insurance Group in Beijing, China. REUTERS/Jason Lee

Shanghai (Reuters)-According to an auction document on Friday, two Chinese state-owned investors plan to sell their 98.78% stake in Dajia Insurance Group for 33.6 billion yuan (US$5.19 billion), the latter being A restructuring entity of the troubled Anbang Insurance Group.

China Insurance Protection Fund Co., Ltd., the National Insurance Relief Fund controlled by the Ministry of Finance, intends to auction its 98.23% stake in Dawei for 33.38 billion yuan.

According to an auction statement submitted to the Beijing Financial Assets Exchange, Sinopec is auctioning its 0.55% stake in Dajia at a price of 186.9 million yuan.

The auction will end on August 12.

This move marks the latest progress in Anbang’s restructuring and divestiture, which seems to have stagnated since February 2020, when the country’s largest banking and insurance regulator stated that everyone “is about to make a decision on a group of strategic investors” and “Will continue to exist.” Private”. (https://reut.rs/3xZNeGN)

The Chinese government took control of Anbang Insurance Group in February 2018 as part of its comprehensive campaign to reduce systemic financial risks after a large number of private conglomerates acquired assets.

The operation of Anbang will be completed in 2020, and the management of Anbang will be transferred to the newly established entity that will take over the assets of Anbang.

The filing documents show that everyone’s current total assets are 21.1 billion yuan and total liabilities are 584.6 million yuan. The document added that in 2020, it announced a net profit of 2.9 billion yuan.

($1 = 6.4785 renminbi)

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