China News

China’s Ping An Joins Global Blockchain Consortium, Led by Fintech Firm R3

China’s second-biggest insurance company, Ping An Group, has become the first Chinese member of a global consortium led by fintech firm R3 which is working on ways blockchain technology can be used in financial markets, the companies said on Tuesday. Ping An …

China’s Fosun Aims to Lead in Insurance, Tourism, Healthcare; Plans to Cut Debt

Fosun Group, China’s largest private conglomerate, is aiming to become a world leader in insurance, tourism and healthcare but also has a “clear plan” to reduce its debts, chairman and co-founder Guo Guangchang said on Tuesday. In an exclusive interview with …

China Seeks Help from UK on Its Plans to Create Financial Super-Regulator

China has asked Britain for advice on plans to create a financial super-regulator, as it looks to improve financial oversight following last year’s stock market crash, sources with knowledge of the talks told Reuters. The discussions between representatives from China …

Fosun to Focus Investments in Emerging Markets, Backing Off from U.S., Europe

Guo Guangchang, the Chinese billionaire and self-styled disciple of Warren Buffett, is looking to invest in emerging markets for the first time as his conglomerate backs off from its buying spree in developed nations. “There are fewer and fewer investment …

AIG Selling $1.2 Billion Worth of Shares in China’s PICC P&C: Report

American International Group is offering for sale about $1.2 billion worth of shares in China’s PICC Property and Casualty Co. Ltd. (PICC P&C) in a block deal, IFR said on Saturday, citing a term sheet of the deal. AIG’s stake …

China Suspends New Registrations of Internet-Based Finance Firms: News Report

China suspended new registrations of finance companies nationwide as authorities started a crackdown on internet finance, business magazine Caixin reported, citing unidentified people familiar with the matter. Applicants with finance-related names or businesses can no longer simply register with local …

Chubb Enters into Distribution Agreement with Chinese Retail Giant Suning

Chubb Ltd. announced it has entered into a long-term preferred provider distribution agreement with Suning, one of the largest and most recognized retail brands in China. Under the terms of the agreement, Chubb and Suning will partner to develop and market …

Many Chinese Patients Forced to Buy Hospital Appointment Tickets from Scalpers

As day breaks, hundreds of patients wait to see doctors in a queue that snakes around the Peking Union hospital in Beijing. Many will wait in vain – “scalpers” like Yu Wei have already illegally bought and sold appointment tickets …

China’s Fosun Weighs IPO for Ironshore, Just 4 Months After Acquiring Insurer

Fosun International Ltd., the Chinese conglomerate led by billionaire Chairman Guo Guangchang, is weighing a possible initial public offering for Ironshore Inc., just months after acquiring the insurer. Fosun may also pursue a sale of Bermuda-based Ironshore, according to a …

Ping An Profit Rises 38% in 2015 on Investment Income, Jump in Life Business

Ping An Insurance (Group) Co., China’s second-biggest insurer, said profit rose 38 percent last year as investment returns from stock trading expanded and banking revenue increased. Net income climbed to 54.2 billion yuan ($8.3 billion) from 39.3 billion yuan a …