South Korea-based Hyundai Marine & Fire Insurance Co. Ltd. said wholly owned unit Hyundai Insurance (China) Co. Ltd. plans to issue shares to an unnamed Chinese company for an unspecified stake to make the China unit a joint venture.

Hyundai Marine & Fire Insurance will not participate in the capital increase by its Chinese unit, according to the May 31 filing, which did not provide details about the planned share issuance.

Hyundai Insurance (China), established in Beijing in 2007, is currently capitalized at 550 million yuan with a branch in Chengdu, China.

As of May 31, US$1 was equivalent to 6.90 Chinese yuan.