UCAR Gets Insurer License After Buying Out Chuangxin Insurance
Xi Xi
/SOURCE : Yicai
UCAR Gets Insurer License After Buying Out Chuangxin Insurance

(Yicai Global) Sept. 13 -- UCAR Technology Inc. [HKG:0699], which made waves with its business-to-consumer chauffeur services, has turned its head to the automotive market.

In the first half of this year, after making its first profit, UCAR laid out a series of strategic plans, including setting up an industry foundation, investing in connected vehicles and getting involved in consumer financing. Having acquired an insurance sales license through its purchase of Chuangxin Insurance Sales Co., the firm is now able to sell a range of insurance products to the public.

Founded in 2006, Chuangxin Insurance is a licensed professional insurer in China and can sell insurance products and engage in loss investigation and compensation services throughout the country.

UCAR, which listed on the National Equities Exchange and Quotations, or New Third Board, in July 2016, covers three business sectors, including car services, such as rental and chauffeur services; its online car sales platform Maimaiche and an financing service. The users acquired through its vehicle services provide a massive audience for insurance.

Maimaiche and UCAR's loan unit began operating in late 2016, and already showing strong profit-earning ability. In the first half of this year, the two sectors earned CNY1.65 billion (USD252.7 million) in revenue, up 111 percent from late 2016 to make up 37.1 percent of UCAR's income.

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Keywords: Ucar , Connected Cars , Chuangxin Insurance , Car Insurance