Sunday, July 23, 2017

Tencent said to invest in new life insurer

China’s largest Internet firm Tencent is reportedly setting its eyes on the operations of a new Rmb1.5 billion (US$234 million) life insurance company, according to 21st Century Business Herald.

Tencent, whose WeChat platform has more than 500 million users, will be one of the biggest shareholders in the new insurance company.

Tencent, which will hold a stake of 15%, could take advantage of data from its WeChat users to make its insurance investment profitable, the report added.

The new life insurance company, which is registered in Jinan, Shandong, has already submitted pertinent documents to the China Insurance Regulatory Commission.

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