Two Chinese state investors are planning to sell their combined 98.78% shareholding in Dajia Insurance Group.
The stake is worth around CNY33.6bn (£3.7bn, $5.2bn, €4.4bn) according to an auction filing on 16 July 2021, reported newswire Reuters.
China Insurance Security Fund, the country’s rescue fund for the insurance sector controlled by the ministry of finance, will auction its entire 98.23% stake in Dajia for CNY33.38bn.
The other state investor is China Petrochemical Corp which is selling its 0.55% share in the insurer for CNY187m.
The auction will end on 12 August 2021.
Dajia is a revamped entity of insurance company Anbang, which was nationalised in 2018 following corruption concerns.
It currently has CNY21.1bn in assets and total liabilities of CNY584.6m. In 2020, it reported a net profit of CNY2.9bn.
