Articles by Bloomberg News

Troubled Chinese Insurer Anbang Interviews Banks About Asset Divestments: Sources

Anbang Insurance Group Co., the troubled Chinese insurer seized by the government, is interviewing investment banks to advise on potential asset divestments, people with knowledge of the matter said. The once-acquisitive insurer plans to hire an adviser to manage the …

China’s Anbang Gets $9.7B Capital Injection to Bolster Solvency After Alleged Fraud

China is injecting 60.8 billion yuan ($9.7 billion) into Anbang Insurance Group Co. as it attempts to contain the fallout after the company’s former chairman was accused of masterminding a multi-billion dollar fraud. The move is aimed at ensuring Anbang’s …

China’s Largest Courier Firm, SF Holding, Wins License to Deliver Parcels by Drone

Chinese courier company SF Holding Co. says it’s won a license to operate drones, opening up a new potential frontier for package delivery in the world’s second-largest economy. SF, the nation’s largest listed courier provider by market value, said late …

Ex-Chairman of China’s Anbang ‘Doesn’t Deserve Leniency,’ Say Prosecutors

Chinese prosecutors said Wu Xiaohui, the former chairman of Anbang Insurance Group Co., doesn’t deserve leniency as the one-day hearing of a fundraising fraud and embezzlement case against him wrapped up. Wu didn’t make confessions that could justify reduced penalties, …

China’s Ping An Plans $3B IPO of Financial Management Portal OneConnect: Sources

Ping An Insurance (Group) Co., China’s largest insurer by market value, is starting preparations for an initial public offering of its OneConnect financial management portal that could raise as much as $3 billion, people with knowledge of the matter said. …

Anbang’s Former Chairman Goes on Trial, Accused of Masterminding $10.4B Fraud

A Shanghai court accused former Anbang Insurance Group Co. Chairman Wu Xiaohui of masterminding a 65.2 billion yuan ($10.4 billion) fraud, using unauthorized sales of investment-type policies to prop up the acquisitive company’s capital. The charges in court statements, which …

China’s ‘Biggest Fiscal Risk Is Pension Risk’ from Aging Population

China’s pension shortfall is emerging as the next big challenge for policy makers as they intensify their years-long campaign to keep rising debt from derailing the economy. Aging in the world’s most populous country means pension contributions by workers no …

China Seeks to Broker Sale of a Stake in Anbang Insurance: Sources

China’s government, which has been probing alleged financial wrongdoing at Anbang Insurance Group Co., is seeking to broker the sale of a stake in the insurer, people with knowledge of the matter said. Central Huijin Investment Ltd., a unit of …

China Weighs Merger of Banking, Insurance Regulators: Sources

China is considering a merger of its banking and insurance regulators, people familiar with the matter said, as it seeks to better coordinate its attempts to counter financial risks in the world’s second-largest economy. Government agencies under the direction of …

China’s Fosun Plans to Raise $3.2B to Boost Domestic M&A: Sources

Fosun Group is planning to raise as much as 21 billion yuan ($3.2 billion) selling local bonds as the Chinese insurance-to-pharmaceutical conglomerate refinances debt and increases its investments inside the country, according to people familiar with the matter. Fosun unit …