(Image source: Visual China)
22 million shares of Huatai Insurance Group Co., Ltd. (hereinafter referred to as "Huatai Insurance") are being listed for transfer on the Beijing Equity Exchange. The equity is owned by Lucky Film Co., Ltd. (hereinafter referred to as "Lucky Film", 600135. SH), the corresponding shareholding ratio is 0.547%, and the transfer reserve price is set at 269 million yuan.
(Source: Beijing Equity Exchange)
Judging from the listing information, other shareholders have waived their right of first refusal.
According to the information on the official website, Lekai Film was established in January 1998 and is a holding company of China Lekai Group Co., Ltd., which is affiliated to China Aerospace Science and Technology Corporation. The main business direction is image information materials and new energy materials, with total assets of 3 billion yuan, 4 wholly-owned subsidiaries and 2 holding subsidiaries.
As a comprehensive financial company integrating property insurance, life insurance, asset management and fund management, Huatai Insurance was formerly known as Huatai Property Insurance Co., Ltd., which was established in 1996, with a registered capital of 4.022 billion yuan.
In terms of equity, Huatai Insurance once faced a structure of dispersed equity and a large number of small and medium-sized shareholders, among which the foreign shareholder "Chubb" and the Chinese-funded "Junzheng Department" once "caught up" with each other and sought a controlling stake by increasing their holdings. With the mainland's policy of expanding financial opening-up, the "Chubb system" has increased its holdings step by step through equity transfer.
In October this year, Huatai Insurance issued a brief description of the actual controller and the company under its control, and officially announced that the actual controller was Chubb Co., Ltd. At present, Chubb Limited holds a total of 72.0913% of Huatai Insurance's shares through its four holding subsidiaries. Chubb Tianping Reinsurance Co., Ltd. holds 25.96% of the shares, Chubb North America Insurance Holdings holds 22.29% of the shares, Chubb America Insurance Company holds 12.91% of the shares, and Chubb Bermuda Insurance Company holds 10.93% of the shares.
At present, in addition to the four companies of the "Anda Department", the only shareholder of Huatai Insurance with a shareholding ratio of more than 5% is Chongqing Contemporary Gravel Industrial Development Co., Ltd.
(Source: Huatai Insurance official website)
The major shareholders "centralized", and the minority shareholders of Huatai Insurance are still withdrawing one after another. Lucky Film is the third shareholder in the past month to plan to sell the equity of Tsinghua Tai Insurance. On December 11, 6.6 million shares of Huatai Insurance held by Dongfeng Asset Management Co., Ltd. (hereinafter referred to as "Dongfeng Assets") were listed and transferred on the Guangdong United Equity Exchange, accounting for 0.1641% of the total equity, and the reserve price of the equity transfer was 79.1947 million yuan.
On November 23, 6.6 million shares held by Northeast Light Alloy Co., Ltd. were listed on the Beijing Equity Exchange, although the proportion of equity is consistent with Dongfeng Assets' proposed transfer of equity, but the reserve price of the equity transfer is set at 65.02 million yuan.
"In the context of state-owned enterprises focusing on their main business, it is not surprising that small shareholders with a low shareholding ratio have cleared their shares," an insurance industry insider pointed out, especially when Chubb won a controlling stake in Huatai Insurance and Huatai Insurance's current performance is generally good, the current equity price is relatively ideal.
Judging from the current operating data of Huatai Insurance, in 2022, Huatai Insurance's revenue will be 17.018 billion yuan, net profit will be 908 million yuan, and owner's equity will be 17.951 billion yuan, and in the first 10 months of 2023, Huatai Insurance's revenue will be 14.935 billion yuan, and the net profit will be 675 million yuan in the same period.