Hainan Haiqi Transportation Group announces plans to establish insurance company

Hainan Haiqi Transportation Group, listed on the Shanghai stock exchange, yesterday announced that they plan to establish an insurance company, to be called Haijin Property Insurance.

The group plans to invest CNY150m ($22.4m) in Haijin Property, which would give it a 10% stake in the proposed insurer.

According to the Haiqi Group statement, the proposed establishment of Haijin Property is to be led by Hainan Development Holdings, which is the largest investment holding company in Hainan Province. Apart from Hainan Development Holdings and Haiqi Group, the insurer will have five other shareholders. With a proposed registered capital of CNY1.5bn, Haijin Property will be registered in Haikou.