China's Huatai Insurance approved to set up Hong Kong AMC |
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Published
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Thu, 06 Dec 2007 04:24
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BEIJING (XFN-ASIA) - Beijing-based Huatai Insurance Co has received approval to set up an asset management company in Hong Kong, the China Insurance Regulatory Commission (CIRC) said.With registered capital of 15 mln hkd, the new firm will be wholly owned by Huatai Asset Management Co, a unit of Huatai Insurance, the CIRC said in a statement.Last month, the CIRC cleared Huatai Insurance to invest up to 5 pct of its total assets in Hong Kong H-shares and red chips.The property insurer posted premium income of 2.22 bln yuan in the first 10 months, with assets totaling around 19.3 bln at the end of 2006.US insurer ACE Group holds a minority stake in Huatai.(1 usd= 7.40 yuan; 1 usd= 7.8 hkd)allen.shu@xfn.com-xfnals/xfjamesaCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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