(Yicai Global) Nov. 22 -- Three listed companies based in Beijing are among a group of firms planning to invest a total CNY1 billion (USD150.9 million) to set up a technology insurance company offering services to innovative tech firms in the Chinese capital and surrounding areas.

Beijing Philisense Technology Co. [SHE:300287], Beijing Dabeinong Technology Group Co. [SHE:002385] and Beijing eGOVA Co. [SHE:300075] will chip in CNY330 million, CNY200 million and CNY170 million, respectively, making up 33 percent, 20 percent and 17 percent of the total registered capital, eGOVA said in a statement yesterday.

The proposed company will focus on the Zhongguancun hub in Beijing and cover the rest of the capital, Tianjin and Hebei, including the Xiong'an New Area. It will initially offer 15 types of technology insurance approved by the China Insurance Regulatory Commission and the Ministry of Science and Technology.

China currently has just one technology insurance company and such services aren't available in North China, despite Beijing being home to many innovative tech firms, according to a feasibility study for the new company.

The new technology insurer will leverage its investors' technical strengths in fintech, cloud computing, mobile internet, Big Data and the Internet of Things and team up with insurance experts. It hopes to advance into a mid-sized insurance firm and set up a steady profit model within five years after its inception.