(Yicai Global) Sept. 26 -- Beijing Philisense Technology Co. [SHE:300287] will be the main sponsor of an insurance firm's establishment. The insurer will focus on technology innovation businesses to capitalize on the fast-growing financial investment markets in Zhongguancun and the Beijing-Tianjin-Hebei region as well as incentives introduced by the China Insurance Regulatory Commission for the private backing of technology insurance companies.
The government information technology solution provider said yesterday that it will establish a fintech insurance company with initial registered capital of (USD150 million) CNY1 billion, of which about 33 percent will be paid by the public company with its own funds.
The new company will insure technology enterprises and research institutes against asset, profit and research funding losses incurred in research and development, production, sales and other business activities, and against civil compensation liability related to their shareholders and employees as well as external entities, Philisense Technology said.
Legitimate high-tech businesses, research institutes and higher-education institutions are eligible to take out technology insurance, Philisense Technology said.
The move will help Philisense Technology optimize its investment structure, spread business risks and create growth engines.