Sinatay Life Insurance Co., Ltd. announced that it will receive CNY 6,065,000,000 in a round of funding on September 25, 2023. The transaction will includes participation from new investor Wuchan Zhongda Group Co.,Ltd.. for 33% stake in the company.

Prior to capital increase, the registered capital of the company is CNY 5,000,000,000. The transaction has been approved by the office meeting of the investor. The transaction still need approval from original shareholders and potential shareholders of the investor, approval or consent from the Zhejiang Provincial State-owned Assets Supervision and Administration Commission and other competent authorities, State Financial Supervision and Administration Bureau, and still need to pass the review of concentration of undertakings by the State Administration for Market Regulation.