Industry News | Shenergy Property & Casualty Insurance was approved for establishment with a registered capital of 10 billion yuan

On September 19, the website of the State Financial Regulatory Administration showed that the preparation application of Shenergy Property & Casualty Insurance Co., Ltd. (hereinafter referred to as Shenergy Property & Casualty) has recently been approved and approved. According to the approval documents, the registered capital of Shenergy Property & Casualty Insurance reached 10 billion yuan, and the eight initiating companies all had state-owned asset backgrounds, and the proposed chairman Gong Dexiong is currently the vice president of Shenergy Group and the secretary of the Party Committee of Orient Securities. According to the approval, the preparatory group shall complete the preparatory work within one year from the date of receipt of the approved preparatory documents.

It is understood that the 8 shareholders of Shenergy Property & Casualty Insurance have strong backgrounds. They are Shenergy Investment, Shanghai International Group, Shanghai Lingang Yuanjin Investment Co., Ltd., Shanghai Lingang New Area Private Equity Fund Management Co., Ltd., Taizhou State-owned Assets Investment Group Co., Ltd., Shenergy Co., Ltd., Shanghai State Investment Capital Management Co., Ltd. and Bailian Group Co., Ltd., mainly with the background of Shanghai state-owned assets holding.

In addition, the controlling shareholders of Shenergy Investment and Shenergy are Shenergy Group. According to public information, Shenergy (Group) Co., Ltd. was established in 1996 with the approval of the Shanghai Municipal Government with a registered capital of 6 billion yuan, mainly engaged in the investment, construction and management of electricity, gas and other production and supply and energy infrastructure, and is a wholly state-owned limited liability company funded and supervised by the Shanghai State-owned Assets Supervision and Administration Commission. At present, there are nearly 300 wholly-owned and holding enterprises in the group system, with nearly 20,000 employees, and its direct subsidiaries include Shenergy Co., Ltd., Shanghai Gas, Orient Securities, Shanghai Electric Cable Research Institute, etc. The company has been ranked among the top 500 Chinese enterprises for 21 consecutive years. It is understood that at present, Shenergy Group has developed into a comprehensive energy enterprise group involved in electricity, gas, finance, strategic emerging business and other fields, and has a pivotal position in Shanghai's financial field, its financial business investment involves securities, insurance, banking and other fields, has a number of financial licenses such as brokerage, insurance, banking, asset management, etc., and has invested in many financial companies such as Orient Securities, China Pacific Insurance and China Everbright Bank. According to public information, Gong Dexiong was born in October 1969, a member of the Communist Party of China, an executive MBA, and an economist.

In October 1992, Gong Dexiong joined the Pudong Business Department of the Securities Department of Shanghai International Trust and Investment Corporation, and successively served as the chairman of Haizheng Futures, the general manager, vice chairman and chairman of Shanghai Securities. Since November 2016, he has served as the vice president of Guotai Junan, the president of Guotai Junan's asset management business committee, and the chairman of Guotai Junan's capital management Co., Ltd. In April this year, Gong Dexiong resigned as vice president of Guotai Junan due to job transfers, and according to media reports, Gong Dexiong then went to Shenergy Group as vice president. In September this year, Gong Dexiong officially assumed the position of Party Secretary of Orient Securities. Orient Securities is one of the most core assets in the financial industry of Shenergy Group, which holds 26.63% of the shares of Orient Securities and is the largest shareholder.