Ping An: China Banking and Insurance Regulatory Commission approved Ping An Life Insurance to invest in New Founder Group

2022-05-11 0 By

On January 31, Ping An Life Insurance of China announced on the Hong Kong Stock Exchange that according to the provisions of the restructuring investment agreement and the creditors of the restructuring subject’s choice of creditors’ repayment plan, Ping An Life insurance intends to receive about 66.51% of the equity of New Founder Holding Development Co., LTD at a consideration of about 48.2 billion yuan.On January 30, Ping An Life insurance received the CBRC’s reply on Ping An Life Insurance Co., LTD. ‘s equity investment in New Founder Group, according to which the CBRC approved Ping An Life Insurance’s investment in New Founder Group.Ping An Life Insurance has met the basic conditions for participating in the restructuring of Founder Group, and will actively promote the follow-up work stipulated in the restructuring investment agreement and the restructuring plan of Founder Group with all parties.