What’s new: Dajia Insurance Group, the company created to take over Anbang Insurance Group Co. Ltd.’s assets, nominated the leader of the takeover group for chairman of the board and a top banking and insurance regulator as chairman of the board of supervisors.
He Xiaofeng, the legal representative of Dajia and leader of the Anbang takeover group, was nominated for chairman of board. Sun Xianliang, a deputy director at the China Banking and Insurance Regulatory Commission, was nominated to be chairman of the board of supervisors. Both nominations are subject to approval by the board and the regulatory commission.
Although the takeover has been completed, the restructuring process to attract strategic investors is still ongoing, a person close to Dajia told Caixin. Now investors need to be finalized and the former takeover group needs legal positions to conduct normal operation, the person said.
The background: Debt-ridden Anbang was taken over by regulators in February 2018. That May, founder Wu Xiaohui was sentenced to 18 years in prison for fundraising fraud and embezzlement.
Dajia was established June 2019 with registered capital provided by a state-owned bailout fund as well as two state-owned enterprises to receive Anbang’s stakes in insurance and asset management subsidiaries. Since then, Dajia has been disposing of Anbang’s assets, restructuring businesses and soliciting strategic investors.
Contact reporter Denise Jia (huijuanjia@caixin.com) and editor Bob Simison (bobsimison@caixin.com)
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