(Yicai Global) Nov. 16 -- Embattled Sino-French Life Insurance, a joint venture insurer originally set up by China Post and France’s CNP Assurances, has been given a CNY2.8 billion (USD425.5 million) cash injection led by electric car battery maker Contemporary Amperex Technology and two other new shareholders.

Ningde, Fujian province-based CATL will invest CNY900 million (USD137 million), Tsingshan Holding Group CNY900 million and Guizhou Guixing Auto Sales Service CNY210 million, the Shenzhen-based insurer said on Nov. 13th. Existing shareholder investment holding firm Cathay Fortune Corporation will pump in another CNY790 million (USD120.08 million).

Original backer Paris-based CNP Assurances will give up its stake and wash its hands completely of the flailing firm. China Post had long ago divested its interests in it. Another existing shareholder Beijing Renji Jiuding Asset Management will also back out.

The company plans to hike its registered capital to CNY3 billion (USD456 million) from the current CNY200 million (USD30.4 million) to make way for the new capital.

Once complete, and the deal still needs the seal of approval from the China Banking and Insurance Regulatory Commission, Cathay Fortune will hold 33 percent equity, CATL 30 percent, Tsingshan Holding 30 percent and Guixing Auto 7 percent.

Sino-French Life's comprehensive solvency adequacy ratio had fallen to 22,688 percent below zero at the end of June, online news outlet The Paper reported in August. The ratio was 18,227 percent negative at the end of the first quarter.

Editor: Kim Taylor