China Pacific Insurance (Group) Co. Ltd.'s board announced that the China Banking and Insurance Regulatory Commission did not approve the application of its subsidiary, China Pacific Property Insurance Co. Ltd., to establish a joint stock property insurance company with Baidu Penghuan Asset Management (Beijing) Co. Ltd.

As a result, both China Pacific Property Insurance and Baidu Penghuan have decided to terminate the proposal for establishing the company.

China has not approved a new P&C insurance license since January 2017.