Sinolink Worldwide Hldgs Ltd. agreed to form a joint venture with ZhongAn Technology to explore business opportunities in the international market.
Sinolink will contribute 60.0 million Chinese yuan while ZhongAn will give 50.0 million yuan for ordinary shares in the joint venture.
The company said it intends to "explore international business development, collaboration and investment opportunities in the areas of Fintech and Insuretech in overseas market."
Sinolink also conditionally agreed to acquire redeemable preference shares in the joint venture company for 620.0 million yuan and will hold 51% of the voting interests in the partnership upon completion of the investment.
The board of the joint venture will comprise one director from Sinolink and two from ZhongAn.
As of Dec. 11, US$1 was equivalent to 6.62 Chinese yuan.
