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Zhang Zhongji, the former head of the Zhejiang Insurance Regulatory Commission, serves as its chairman. Zheshang Group and Zhejiang Province Energy Group Co., Ltd. act as its biggest shareholders via taking a 20 percent stake in it, respectively. Youngor Group Co., Ltd. (SHSE: 600177), a leading garment maker in China, controls an 18 percent stake with an investment of CNY 180 million. Other shareholders include Chint Group, Zhejiang Guoda Group Co., Ltd., Zhejiang Qinye Construction & Engineering Group Co., Ltd., and Mingcheng Real Estate.
The insurer plans to focus on property insurance within the coming three years and will stretch out reach to life insurance in proper time and then other financial businesses like asset management, banking and securities. It aims to grow into a national financial insurance group in the long run and get listed finally.
Source: www.hexun.com (July 24, 2009)
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