CAS China 1.541 billion sell HNA to pick control

China Taiping announced in Friday that the company agreed to open the exchange price of 1.541 billion yuan, will be its civil service Insurance (China) Limited, by the HNA group led by the consortium. This result is consistent with the market rumours previously reported by this newspaper.　　The deal needs to be approved by mainland regulators. After the completion of the transaction, China's Taiping will no longer have any rights and interests in China, the mainland dual licensing problems will be solved, focus on the property insurance business through Taiping. It is expected that the transaction will bring about 924.78 million yuan of pre-tax profit to China's Taiping.　　According to the latest data of the CIRC, the first three quarters of this year, China's premium income of 1.223 billion yuan, an increase of 30.38%, slightly lower than the industry average growth rate. A notice published in the HKEx discloses that the buyer is a consortium composed of 6 enterprises, including Haikou Meilan International Airport Co., Ltd., Bohai International Trust Co., Ltd, Shanghai Heng Jia Mei Lian Development Co., Ltd., Ningbo Yun Sheng Import and Export Co., Ltd., Shaanxi dongling Industry and Trade Group Co., Ltd. and Jin da Credit Guarantee Limited Company,　　The proportion of shares purchased was 20%, 20%, 20%, 20%, 15% and 5% respectively.　　It is understood that Haikou Meilan International Airport and the Bohai International Trust are HNA Group Holding company, Shanghai Heng Ka United and Shaanxi Ridge Industry and trade group are the HNA group affiliated companies, HNA through the four enterprises, basically control the new CAS insurance company.　　In addition, HNA also joined hands with Taiwan's new light life last March to form a new Ray Hna life, a registered capital of 500 million yuan, headquartered in Beijing, operating life insurance, health insurance and accident insurance and the reinsurance business and the reinsurance business. Earlier, the domestic aviation group has been more involved in the insurance industry.