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Report: Chinese auto parts provider, transportation firm mull forming insurers

Hainan Haiqi Transportation Group Co. Ltd. and Chengdu Haoneng Technology Co. Ltd. are separately looking into establishing insurance companies, which would be named Haijin Property Insurance and Western Agricultural Insurance, respectively, Asia Insurance Review reported.

Hainan Haiqi Transportation Group will reportedly inject 150 million Chinese yuan into its entity, giving it a 10% stake in the insurer. The company said it wants to break into the insurance sector to revamp the group's operating structure and expand into a new sector, according to Asia Insurance Review's report.

The proposed insurer will be led by Hainan Development Holdings Co. Ltd. and will have five other shareholders. It will be registered in Haikou, Hainan province with a proposed 1.5 billion-yuan registered capital, according to the report.

Meanwhile, Chengdu Haoneng Technology will reportedly hold a 4% stake in Western Agricultural Insurance via an investment of 40 million yuan. The proposed insurer reportedly has a registered capital of 1 billion yuan and will be registered in Xichang City, Liangshan Prefecture in Sichuan province.

It will have a total of 18 shareholders, and its biggest shareholder will be Sichuan Financial Holding Group with a 21% stake, Asia Insurance Review reported.

As of March 19, US$1 is equivalent to 6.71 Chinese yuan.