On January 31, 2022, Ping An Insurance (Group) Company Of China Ltd(601318) (02318. HK) announced that its Ping An Life 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. Accordingly, the China Banking and Insurance Regulatory Commission agreed that Ping An life would invest in the new Founder group. Next, Ping An Insurance (Group) Company Of China Ltd(601318) will strictly implement the approval requirements, actively promote the agreement on restructuring investment and the agreement on restructuring plan with all parties, and orderly promote asset delivery, business development, asset disposal and other matters.
The announcement shows that according to the agreement on restructuring investment agreement and the selection of creditor’s rights settlement scheme by 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.
As of January 25, 2022, new founder holdings development Co., Ltd., Peking University Medical Management Co., Ltd., founder Information Industry Co., Ltd., founder International Trade Co., Ltd., founder commercial real estate Co., Ltd., founder Commercial Management Co., Ltd Founder International Education Consulting Co., Ltd. and other seven new Founder group entities were registered and established in batches.
