China News

China’s Fosun International to Acquire Phoenix Holdings From Israel’s Delek

Delek Group Ltd. agreed to sell its controlling stake in Phoenix Holdings Ltd., Israel’s fourth- largest insurance provider by market value, to China’s Fosun International Ltd. The Netanya, Israel-based holding company announced on Sunday it would sell its entire 52 percent stake …

Alibaba-Backed Insurer Raises $934M From Investors Including Morgan Stanley

Zhong An Online Property & Casualty Insurance Co., a Chinese online insurer part owned by Alibaba Group Holding Ltd., said it raised 5.8 billion yuan ($934 million) from investors including Morgan Stanley. The Shanghai-based company now has a market value of 49.6 …

HSBC to Cut Up to 50,000 Jobs; Targets Growth of Asia Insurance Business

HSBC pledged a new era of higher dividends on Tuesday, laying out plans to slash nearly one in five jobs and shrink its investment bank by a third to combat sluggish growth across its sprawling empire. Chief Executive Stuart Gulliver …

Update: Russell Investment Exits Joint Venture With China’s Ping An

Russell Investment Management and China’s Ping An Insurance Group said they have terminated their investment joint venture after four years, the latest sign of friction between foreign fund managers and their Chinese partners. The joint venture, launched in March 2011, …

China Taiping Insurance Stock Jumps After Tech Moguls Join $1.7B Share Sale

China Taiping Insurance Holdings Co. jumped the most in more than six years after people with knowledge of the matter said China’s two richest technology moguls joined its $1.7 billion share sale. Taiping advanced 16 percent to HK$32.80 at 11:02 a.m. in …

China Taiping Insurance Plans to Raise $1.7 Billion in Private Share Sale

China Taiping Insurance Holdings Co. plans to raise HK$13.5 billion ($1.7 billion) in a private share sale after its stock price more than doubled in the past year. The insurer will sell 486 million shares at HK$27.74 a piece, representing 13.5 percent …

Uber’s Office in Southern China Raided by Government: Xinhua News Agency

Authorities in the southern Chinese city of Guangzhou have raided the local office of online ride-hailing service Uber on suspicion of “unlicensed operation,” seizing a number of mobile phones, the official Xinhua news agency said on Friday. “The company is …

Meadowbrook Insurance Shareholders Approve Acquisition by Fosun

Meadowbrook Insurance Group, Inc., headquartered in Southfield, Mich., announced that the group’s shareholders have formally approved the pending acquisition of Meadowbrook by Fosun International Limited. In late December 2014, Fosun, a Chinese investment group agreed to acquire Meadowbrook for approximately …

China Faces Severe Threats From Climate Change: Beijing-Based Meteorologist

Chinese officials don’t usually go into detail on the challenges that climate change poses for the world’s most populous and largest carbon-emitting country. But in a speech on March 23, a top meteorologist warned of the severe risks facing China, …

Lloyd’s Opens Branch Office in Beijing to Access New Chinese Business

Lloyd’s opened a branch office in Beijing to access new business and forge closer links with business partners in China’s capital. Lloyd’s also appointed Songlin Chen, as general manager of the Beijing branch. In this role he will be responsible …