Business
21:50, 24-Jul-2018
JD.com takes 30 percent stake in Allianz China
Updated
21:47, 27-Jul-2018
["china"]
Share
Copied
Chinese e-commerce company JD.com Inc’s investment in the China unit of global insurance giant Allianz SE has been approved by the regulator, National Business Daily reported on Tuesday.
China's Banking and Insurance Regulatory Commission has approved Allianz to have four new major stakeholders including JD, and increased the Chinese unit’s registered capital from 805 million yuan (118.5 US dollars) to 1.61 billion yuan, the report said.
With the new investment, JD will be the second largest shareholder of the insurance company’s Chinese arm who will turn to a joint venture, according to the report.
JD’s investment in the Allianz group comes as part of the Chinese e-commerce firm’s push into financial services, including the country’s burgeoning online finance sector, in which its commercial rival Alibaba Group Holding Ltd, social giant Tencent Inc and search firm Baidu Inc all have invested.