China Mobile is reportedly planning to invest 2 billion yuan or about 305 million U.S. dollars in two insurance companies from the China Merchants Group.

 

据报道，中国移动计划向中国招商局集团的两家保险公司投资20亿元人民币（3.05亿美元）。

 

Online financial magazine Caixin reported that China Mobile is looking to buy a 20 percent stake in CMG Renhe Property Insurance for 1 billion yuan, and another 20 percent stake in CMG Renhe Life Insurance for 1 billion yuan.

 

It is said that the transaction will make China Mobile one of the largest shareholders¹ of the two insurance companies, whose registered capital are both 5 billion yuan.

 

Renhe Insurance Company was established in 1875 by the China Merchants Group.

 

It was the first shipping² insurance company in China.

 

China Mobile has entered the financial market several times in recent years.

 

In 2010, China Mobile bought a 20 percent stake in Shanghai Pudong Development Bank for close to 40 billion yuan.

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