Deals gets regulatory nod for 30 percent stake in Allianz China

FILE PHOTO: A sign is seen during the fourth World Internet Conference in Wuzhen, Zhejiang province, China, December 4, 2017. REUTERS/Aly Song/File Photo

BEIJING (Reuters) - The China unit of global insurance giant Allianz SE ALVG.DE has been approved to double its registered capital with e-commerce giant Inc JD.O as the leading investor in a fresh round of fundraising. has been approved to invest 483 million yuan ($71.11 million) for a 30 percent stake in Allianz China, the China Banking and Insurance Regulatory Commission said in an online notice released late on Tuesday.

Following the investment, will become the second largest shareholder in the insurance firm, according to the notice. announced its initial investment plan of buying a 33 percent stake in Allianz China in April as the tech company steps up its push into the country’s financial services sector with a wide range of products.

Allianz SE will hold 50 percent in the China unit following the capital injections, according to the notice.

Reporting by Reuters China Finance team; Editing by Subhranshu Sahu