JD Capital Prepares to Establish an Insurance Company Comprehensive Asset Management Structure Takes
JD Capital (430719.OC) issued an announcement of the Board of Directors on June 4, stating that it would initiate a life-insurance company.
JD Capital takes insurance as its long-term strategic business
As stated in the announcement, insurance is expected to be JD Capital’s long-term strategic business. According to JD Capital, with the release of “Some Opinions of the State Council on the Reform and Development of the Insurance Industry” and other related documents, the developing space of insurance business will be further expanded, and the development of insurance is significant to the transformation and upgrading of China’s economy. Meanwhile, expanding the insurance business corresponds to JD Capital’s positioning to be a comprehensive asset management institution. If the application for establishing an insurance company is approved, JD Capital will bring its strengths in investment into full play; and its other asset management and financial businesses and insurance business will complement and support each other, giving full play to their synergy.
Insurance professionals join hands with JD Capital
It is also announced that, Fang Lin, former Senior Executive of China Pacific Insurance (Group) Co., Ltd., joins JD Capital as the Vice President. This is the first time for JD Capital to introduce a new senior executive since its listing on the National Equities Exchange and Quotations (NEEQ). The competence of JD’s core leading team gets strengthened.
Since joining Pacific Insurance in March 1993, Mr. Fang had been the manager of Shenzhen Branch of China Pacific Insurance, Vice-General Manager of Shenzhen Branch, General Manager of Health Insurance Department of China Pacific Life- Insurance Co., Ltd., Assistant Chairman of the Management Committee of the head office, Chief Marketing Officer and Secretary of the Board of China Pacific Insurance Group successively.
Comprehensive asset management system gradually takes its shape
When listed on the NEEQ, JD Capital set its development goal as developing into a comprehensive asset management institution. To achieve this goal, it has been continuously improving business layout during the previous year. Except for the subsidiary Kunwu Jiuding’s efforts in expanding the PE businesses by establishing several small yet influential enterprises, JD Capital became the biggest shareholder of JT Asset Management and a shareholder of Ruiquan Funds to conduct public funds management, established Longtai Jiuding to conduct inferior investment business, acquired JZ Securities for securities operation business, established Genius Plan for individual venture investment business, acquired King Pass for third party payment business, established JX Finance for online financing P2P business, prepared to establish a private bank and set up an insurance company this time. Up to now, the comprehensive asset management system is gradually taking its shape.