ZhongAn partners with Sinolink for loan-based JV
China's first online-only insurer ZhongAn has launched a joint venture (JV) with Hong Kong-based Sinolink Worldwide. The venture will involve the two firms offering loans, notes, equity investments and fund transfer services. Despite ZhongAn's shares rising on the news of the JV, some analysts commented that it may move the insurer away from its core business operations. ZhongAn listed in Hong Kong on 22 September, and saw its shares rise 60% in its first week of trading, but expects to post a loss this year, partly driven by changes to its product mix.
Hong Kong-listed online insurer’s chairman Ou Yaping has stakes in both parties involved in the agreement to set up a company in Chongqing