Funding information

Tenbent Insurance raised tens of millions RMB fund

The comprehensive online insurance platform Tenbent Insurance has announced on 19^th December that they have raised tens of millions RMB fund from K2VC. With this round of funding, Tenbent will improve its offline sales network, start its online sales system and connect the online-offline system.

Baosm raised tens of millions RMB fund

InsurTech service provider Baosm Tech told the press that they will close a new round of funding which will be up to tens of millions RMB. Baosm has raised 20 million RMB series A funding in June, 2015.

Yaxia Auto increased its share in Shanghai Zuihuibao Tech by 40 million RMB

Yaxia Auto has released a statement on 22^nd December that they will increase its share in Shanghai Zuihuibao Tech by 40 million RMB. After the capital increment, the register capital of Shanghai Zuihuibao Tech reached 14.3472 million RMB from 13.05595 million RMB and Yaxia’s share of Zuihuibao reached 18% from 9.89%.

Pingjia Tech closed hundreds of millions RMB series A funding

UBI service provider Pingjia Tech has announced on 22^nd December that they have closed hundreds of millions RMB series A funding. This round of funding comes from China Merchants Capital, Fosun Kinzon Capital and other investors.

CreditEase was listed on NEEQ

CreditEase Insurance Agency Co., Ltd. was formally listed on NEEQ. CreditEase will keep its expansion in Fintech and InsurTech.

Unicorns

ZhongAn cancelled HongKong IPO plan

ZhongAn Insurance has cancelled its preparation for Hong Kong IPO and will not take IPO to USA either, according to Bloomberg. And they intend to take the IPO plan to China mainland. Sources say that the reason for this action is that ZhongAn was trying to avoid competition with its shareholder—Ant Financial. ZhongAn has not responded to the speculation yet.

Ant Financial and China Insurance established a joint venture

Ant Financial has announced in Rural Financial Strategic Conference on 20^th December that they will align with China Insurance to establish a joint venture called Agriculture United ZhongXin Technology Ltd. In the conference, Ant Financial also released its business patterns in rural finance, i.e. Financial platform with data, O2O, supply chain service.

News

Beijing tries digital insurance policy

Beijing will launch digital insurance policy pilot project on 28^th December, 2016. Policyholders in Beijing will no longer need to stick the insurance label on their cars.

9 in 10 new insurance companies in 2016 are P&C insurers

According to Investor China, there are 10 new insurance companies are approved by CIRC. Compared with traditional insurers, newly-founded companies focus more on InsurTechs such as Big Data, IoT etc.