Online insurer ZhongAn Online P&C Insurance has said that it will form a joint venture with property group Sinolink Worldwide Holdings to explore opportunities in overseas markets in response to China's "One Belt One Road" outreach policy.
A unit of Shanghai-headquartered Zhongan Online and Sinolink will contribute CNY50 million (US$7.6 million) and CNY60 million, respectively, toward the joint venture's capital, the two Hong Kong-listed companies said in separate stock exchange filings. The ZhongAn unit will hold 51% of the venture, with Sinolink owning the remaining minority stake.
Sinolink will also contribute an additional CNY620 million toward redeemable preference shares in the joint venture. ZhongAn Online's Chairman Yaping Ou currently holds a 45.11% stake in Sinolink.