On January 31, Ping An Insurance (Group) Company Of China Ltd(601318) (02318. HK) announced in the Hong Kong stock exchange that its Ping An Life Insurance received the reply of the China Banking and Insurance Regulatory Commission on the equity investment of Ping An Insurance (Group) Company Of China Ltd(601318) Life Insurance Co., Ltd. in xinfangzheng group issued by the Bank Of China Limited(601988) Insurance Regulatory Commission, and the China Banking and Insurance Regulatory Commission agreed that Ping An life should invest in xinfangzheng group.
According to the announcement, according to the provisions of the restructuring investment agreement and the selection of the creditor’s right repayment scheme of the restructuring subject, Ping An Life plans to invest about 48.2 billion yuan to acquire about 66.51% of the equity of xinfangzheng holding Development Co., Ltd.
Ping An Insurance (Group) Company Of China Ltd(601318) said that in the next step, the company will strictly implement the approval requirements, actively promote the agreement on restructuring investment and the restructuring plan with all parties, and orderly promote asset delivery, business development, asset disposal and other matters.
