(Yicai Global) July 25 -- JD.Com will take a 30 percent stake in the China subsidiary of global insurance giant Allianz after the unit won regulatory approval to double its registered capital, thereby transforming into a joint venture.
A unit of the e-commerce company raised its investment in Allianz China General Insurance by CNY484 million (USD71.6 million), becoming its second-largest shareholder, the China Banking and Insurance Regulatory Commission said on its website yesterday. The Guangzhou-based insurer doubled its registered capital to CNY1.6 billion.
German financial services provider Allianz set up Allianz China as a wholly owned foreign enterprise in 2003, with registered capital of CNY850 million. The latest investment halves the Munich-based company's stake to 50 percent.
Other investors include legal services provider China Sinda Intellectual Property, with a 12.4 percent stake after putting in CNY200 million. For minority stakes, Shenzhen's Huijing Tongda Business Consulting chipped in CNY69 million, while Snow Investment Management Center, headquartered in Shanghai, provided CNY54 million.
Editor: Emmi Laine