CHINA INSURANCE INTERNATIONAL TO INJECT 300M YUAN INTO TAI PING

Hong Kong-listed China Insurance International Holdings and its parent, China Insurance (Holdings) have agreed to make a joint cash injection of 300m yuan ($39.6m) into mainland-based Tai Ping Insurance, increasing Tai Ping’s registered capital to 1.3bn yuan from 1bn yuan. China Insurance International will contribute 120.08m yuan, while China Insurance Holding will add 179.92m yuan. Industrial Commercial Bank of China (Asia), which holds a 12.45% stake in Tai Ping, reportedly has decided not to subscribe to the capital-raising and will see its stake fall to 9.577%. China Insurance Holding’s stake in Tai Ping will rise to 50.398% from the current 47.525%. China Insurance International said that Tai Ping needed the cash injection to support its solvency needs. Tai Ping has announced that it intends to extend its p/c operations in the mainland.