Ping An Life Insurance Gets Approved to Restructure New Founder Group
Posted on 01/31/2022
Ping An Insurance (Group) Company of China, Ltd. announced that the China Banking and Insurance Regulatory Commission (CBIRC) has approved Ping An Life Insurance Company of China, Ltd.’s investment in New Founder Group. Ping An Life, a Group subsidiary, received the Approval in relation to Ping An Life Insurance Company of China, Ltd. equity investment in New Founder Group from the CBIRC.
Ping An Insurance (Group) Company of China will promptly carry out the relevant work as agreed under the Restructuring Investment Agreement. It will execute the restructuring plan of the Founder Group Restructuring with the relevant parties, including the orderly carry out of asset delivery, business development and asset disposal.
In accordance with the Restructuring Investment Agreement and the selection of the debt repayment plan by the creditors of the restructuring entities, Ping An Life will pay approximately RMB 48.2 billion to acquire approximately 66.51% equity interest in New Founder Holding Development Company Limited.
According to the press release, “With the strong support of all parties, the restructuring of the “1 + 4” entity of Founder Group has been progressing smoothly. The Ping An-led consortium signed the Restructuring Investment Agreement for the Founder Group restructuring on 30 April 2021. Beijing Municipal First Intermediate People’s Court approved the “Restructuring of Five Companies Including Peking University Founder Group Company Limited, (Draft)” on 28 June 2021. Ping An Life’s acquisition of the equity interest in the New Founder Group was approved by the Anti-Monopoly Bureau of the State Administration for Market Regulation on 11 August 2021. Between 21 October 2021 to 25 January 2022, seven New Founder Group entities were incorporated, including New Founder Holding Development Company Limited*, Peking University Medical Management Co., Ltd.*, Founder Information Industry Co., Ltd.*, Founder International Trade Co., Ltd.*, Founder Commercial Real Estate Co., Ltd.*, Founder Commercial Management Co., Ltd.* and Founder International Education Consulting Co., Ltd.*.”
Keywords: Ping An Insurance Insurance in China.
