With approval of the competent authorities, CISFC participated in the risk resolution of China Insurance1.
After accepting the entrustment of State-owned Assets Supervision and Administration Commission of Xinjiang Production and Construction Corps and related shareholders in April 2010, CISFC took over the 75.13% shares in China Insurance Holding2 and subrogated the corresponding rights of shareholder. Same year in August, China Insurance reelected its directors to form the new Board of Directors and established a normative corporate governance structure.
CISFC injected a total capital of RMB6 billion to China Insurance Holding in March 2012, so as to expedite its market-oriented reorganization. In September 2012, the Company assisted China Insurance Holding to bring a strategic investor, China Orient Asset Management Corporation, which contributed a total capital of RMB7.81 billion, thereby helping China Insurance improve its weak solvency. Besides, the property insurance subsidiary of China Insurance Holding saw stable and rapid growth, and made profits for several consecutive years. The life insurance subsidiary and e-commerce subsidiary started the business in succession in 2015. China Insurance Holding has realized sound and profitable operation up to date.
CISFC publicly listed and transferred the 6 billion shares it holds in China Insurance Holding at Beijing Financial Assets Exchange in November 2015, and completed the transfer at the strike price of RMB14.405 billion in January 2016, which realized a premium of 99.97% over the asset valuation. CISFC accordingly exited from China Insurance Holding in a safe and stable manner, marking its success in risk resolution of China Insurance.
1.China United Insurance Holding Company Limited and its controlling subsidiary, China United Property Insurance Company Limited.
2.China United Insurance Holding Company Limited.