Kingfa Science, Highsun Group and Partners to Set Up Insurance Company
Yicai Global
/SOURCE : Yicai
Kingfa Science, Highsun Group and Partners to Set Up Insurance Company

(Yicai Global) Nov. 22 -- Kingfa Science & Technology Co. [SHA:600143] said it plans to set up an insurance company with six partners including Guangdong Highsun Group Co. [SHE:000861], Xiangxue Pharmaceutical Co. [SHE:300147] and Guangzhou Liby Enterprise Group Co.

Huacheng Life Insurance Co., the new company, will have registered capital of CNY1 billion (USD145 million). Highsun Group plans to invest CNY200 million for a 20 percent stake, while KingFa Science and Xiangxue Pharmaceutical plan to contribute CNY160 million each for a 16 percent holding.

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