Insurance Archives

BYD Obtains License for Property Insurance

On May 9, the China Banking and Insurance Regulatory Commission issued a reply regarding the change of shareholders of Yi'an Property Insurance Co., Ltd., approving BYD Auto Industry Co., Ltd. to acquire 1 billion shares of Yi'an Property Insurance, with a shareholding ratio of 100%.

NIO’s Insurance Brokerage Company Closed

NIO's insurance brokerage company, established in January 2022, recently initiated a simple cancellation. The registered capital of the company is 50 million yuan ($7.25 million).

Richard Li-Backed Insurer FWD Group Reattempts Hong Kong IPO

On March 13, FWD Group, the Hong Kong-based insurer backed by tycoon Richard Li Tzar-kai, resubmitted its application to be listed on the Hong Kong Stock Exchange.

BYD Acquires an Internet Insurance Company for $530M

According to Chinese commercial information query platform Tianyancha, BYD's proposed acquisition worth 3.6 billion yuan ($530 million) for Yi'an Property Insurance Co., Ltd. was put in place on January 31. BYD will acquire 100% equity of the Internet insurance company.

Chinese Insurance Tech Startup Cheche Group Mulls US Listing through SPAC

Following the listing of Waterdrop on the NYSE in 2021, nearly two years later, another Chinese insurance technology company, Cheche Group, announced that it would complete its listing in the United States within this year.

NIO Acquires Insurance Brokerage Firm to Enhance Services

Chinese electric vehicle maker NIO, which set up a subsidiary insurance brokerage firm at the beginning of this year, has recently acquired another insurance company that was established eight years ago.

Ant Group VP Zhang Yu Now Chairman of Insurance Agency Platform

The positions of legal representative and chairman of Ant Group's insurance agency company have recently been changed to Zhang Yu, Vice President of Ant Group. This marks another key executive change to the platform since April 2021.

Waterdrop Founder Won’t Pursue “996” Work Culture Outside China, Triggering Controversy

Shen Peng, the founder of insurance tech platform Waterdrop Inc., said at a forum in Singapore that when exploring overseas markets, Chinese companies cannot copy China's prevailing "996" work culture – a 12 hours per day, six days per week working schedule.

Chairman of Tencent’s WeSure Quits

Liu Jiaming, Chairman of Tencent's WeSure, an insurance platform, officially left the job on July 15, and will soon join Animoca Brands, a Hong Kong-based mobile game development company, as the chief commercial officer (CBO).

New Energy Vehicle Companies Enter Insurance Industry

Since the beginning of this year, many Chinese new energy vehicle companies have entered the insurance industry by acquiring or setting up insurance brokers.

NIO Invests $7.9 Million to Set Up Insurance Brokerage Company

According to Tianyancha APP, NIO Insurance Brokerage Co., Ltd. has been recently established with a registered capital of 50 million yuan ($7.9 million). The brokerage is 100% controlled by Chinese EV maker NIO.

Waterdrop Reports Net Operating Revenue of $145.5 Million, Starts Share Repurchase Program Valued up to $50 Million

Waterdrop, a platform dedicated to insurance and healthcare service, today reported a net operating revenue YoY increase of 38.0% to 939.4 million yuan ($145.5 million) in the second quarter of this year.

China VC Weekly: Semiconductors, Medtech and Insurance

In last week’s VC news, Shanghai-based semiconductor developer InnoStar Semiconductor raises a hefty pre-A round, medtech startup StoneWise completes two back-to-back rounds totalling $100 million and medical insurance firm Waterdrop prepares for listing in New York.