China Mobile is reportedly planning to invest 2 billion yuan or about 305 million U.S. dollars in two insurance companies from the China Merchants Group.
Online financial magazine Caixin reported that China Mobile is looking to buy a 20 percent stake in CMG Renhe Property Insurance for 1 billion yuan, and another 20 percent stake in CMG Renhe Life Insurance for 1 billion yuan.
It is said that the transaction will make China Mobile one of the largest shareholders1 of the two insurance companies, whose registered capital are both 5 billion yuan. Renhe Insurance Company was established in 1875 by the China Merchants Group. It was the first shipping2 insurance company in China. China Mobile has entered the financial market several times in recent years. In 2010, China Mobile bought a 20 percent stake in Shanghai Pudong Development Bank for close to 40 billion yuan.
Online financial magazine Caixin reported that China Mobile is looking to buy a 20 percent stake in CMG Renhe Property Insurance for 1 billion yuan, and another 20 percent stake in CMG Renhe Life Insurance for 1 billion yuan.
It is said that the transaction will make China Mobile one of the largest shareholders1 of the two insurance companies, whose registered capital are both 5 billion yuan. Renhe Insurance Company was established in 1875 by the China Merchants Group. It was the first shipping2 insurance company in China. China Mobile has entered the financial market several times in recent years. In 2010, China Mobile bought a 20 percent stake in Shanghai Pudong Development Bank for close to 40 billion yuan.
