The China unit of global insurance giant Allianz SE has received regulatory approval to double its registered capital with e-commerce giant JD.com as the leading investor in a fresh round of fundraising, reports Reuters.
JD.com has been approved to invest CNY483m ($71.1m) for a 30% stake in Allianz China, the China Banking and Insurance Regulatory Commission said in an online notice.
Following the investment, JD.com will become the second largest shareholder in the insurance firm, according to the notice.
JD.com announced its initial investment plan of buying a 33% stake in Allianz China in April as the tech company steps up its push into the country’s financial services sector with a wide range of products.
Allianz SE will hold 50% in the China unit following the capital injections, according to the notice.