(Yicai Global) Oct. 20 -- A financial platform run by Chinese Internet giant Baidu Inc. [NASDAQ:BIDU] has bought out an insurance broker based in Northern China's Heilongjiang province in a bid to improve its presence in the sector.
The Baidu asset management unit took a 100-percent stake in the firm, which has registered capital of CNY50 million (USD7.55 million), the 21st Century Business Herald reported yesterday. The target firm's legal secretary is Zhang Xuyang, a Baidu vice president.
The Chinese search giant has already set up an online insurer in partnership with Germany's Allianz SE [ETR:ALV] and China Pacific Insurance Group Co. [SHA:601601] as a number of China's top online firms look to break into the sector.
Baidu set up the independent financial service unit in 2015 to cover finance, e-wallets and payments, online securities and online insurance.
Zhang Xuyang is a well-known asset management expert in China. He joined Baidu last year and heads its finance-related asset management units. Before joining the firm, he held several positions at China Everbright Bank Co. [SHA:601818].