Tencent, partners ready $218 mln online Chinese insurer HeTai

Bay Area Gold

23/11/2016 04:15

HONG KONG, Nov 23 (Reuters) - Chinese internet services 
giant Tencent Holdings Ltd  0700.HK  and a group of seven 
investors have moved closer to launching a 1.5 billion yuan 
($218 million) online life insurer in China,  putting up funds 
and signing an agreement to form the venture. 
    One of the investors, Munsun Capital Group Ltd  1194.HK , 
said in a Hong Kong stock exchange filing on Wednesday it paid 
210 million yuan for a 14 percent stake in HeTai Life Insurance 
Co, after signing HeTai's article of association with Tencent 
and other investors.  
    Tencent invested through its Beijing BIZCOM Technology Co 
Ltd unit, with other shareholders in HeTai including CITIC Guoan 
Co Ltd and Beijing Easyhome Investment Holding Group Co, 
according to the filing.  
    China's online finance industry has boomed in recent years, 
with players ranging from Tencent to e-commerce giant Alibaba 
Group Holding Ltd  BABA.N  and start-ups offering peer-to-peer 
lending, wealth management and online payments in a bid to prise 
business away from traditional banks and insurers.  
    Tencent is also among backers of Chinese internet insurer 
Zhong An Online Property and Casualty Insurance, looking to go 
public in Hong Kong in a $2 billion deal.  urn:newsml:reuters.com:*:nL3N1CB1FY 
    HeTai got the green light from Chinese regulators to start 
its business in July, and has up to one year to complete its 
"preparation of establishment", Munsun added in the filing. 
 
($1 = 6.8934 Chinese yuan renminbi) 
 
 (Reporting by Elzio Barreto; Editing by Kenneth Maxwell) 
 ((elzio.barreto@thomsonreuters.com;)(852)(2843-1608; Reuters 
Messaging: elzio.barreto.thomsonreuters.com@reuters.net)) 
 
Keywords: TENCENT HOLDINGS INSURANCE/