Sinatay Life Insurance Co., Ltd. announced that it expects to receive CNY 9.374 billion in funding from Wuchan Zhongda Group Co.,Ltd., Hangzhou Chengtou Capital Group Co., Ltd., Hangzhou Xiaoshan Environment Group Co.Ltd., Hangzhou Xiaoshan Qianjiang Century City Equity Investment Co., Ltd.
September 27, 2023
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Sinatay Life Insurance Co., Ltd. announced that it has entered into a share subscription agreement and it will receive up to CNY 9,374 million in a round of funding on September 28, 2023. The transaction included participation from new investors, Wuchan Zhongda Group Co.,Ltd., Hangzhou Chengtou Capital Group Co., Ltd., Hangzhou Xiaoshan Environment Group Co., Ltd., Hangzhou Xiaoshan Qianjiang Century City Equity Investment Co., Ltd. and Wuchan Zhongda Group Co.,Ltd. will invest up to CNY 6.065 billion for 33% stake. The transaction still needs to be reported to the state administration of financial supervision and administration for approval of shareholder qualifications, and it still needs to pass the review of concentration of operators by the state administration for market regulation (or the State Anti-Monopoly Bureau, depending on the situation of the review authority at that time).
Wuchan Zhongda Group Co., Ltd., formerly ZHEJIANG MATERIAL INDUSTRIAL ZHONGDA YUANTONG GROUP CO., LTD., is principally engaged in automobile business, real estate business, international trading business, mechanical and electrical business, as well as financial business. The Company operates its businesses mainly through the sale of automobiles, future business, the development of residential and commercial buildings, the trading of apparels, textile products, mechanical and electrical products.
Sinatay Life Insurance Co., Ltd. announced that it expects to receive CNY 9.374 billion in funding from Wuchan Zhongda Group Co.,Ltd., Hangzhou Chengtou Capital Group Co., Ltd., Hangzhou Xiaoshan Environment Group Co.Ltd., Hangzhou Xiaoshan Qianjiang Century City Equity Investment Co., Ltd.