PICC proposing sale of its minority stake in Donghai Marine: report

People’s Insurance Company of China (PICC) plans to sell its 40% stake in Donghai Marine Insurance, according to local reports.

Under the proposal, PICC will sell 30% to Ningbo Jinjiang Investment and 10% to state-run Ningbo Development Investment Group.

Following completion of the deal, Ningbo Jinjiang and Ningbo Development Investment will each hold 30% of Donghai Marine Insurance, while Ningbo Zhoushan Port and Shanghai International Port Group (SIPG) still hold 20% each.

Donghai Marine Insurance was established in 2015 with registered capital of CNY1bn by PICC P&C, Shanghai International Port Group, Ningbo Port Group, and Ningbo Development Investment Group, but has struggled to make a profit.