ZhongAn Online P & C Insurance Renews Property Framework Agreement with RGMD Group

ZhongAn Online P & C Insurance Co. has entered into a Property Framework Agreement with RGMD Group for the next three years, consolidating and renewing continuing connected transactions related to property leasing and management services. The agreement is necessary for compliance with Hong Kong's Listing Rules and involves parties connected to a non-executive director. It is subject to disclosure and annual review requirements but exempt from independent shareholders' approval.

Introduction:

ZhongAn Online P&C Insurance Co. Ltd. ("ZhongAn"), China's first online-only insurance company, recently entered into a Property Framework Agreement with RGMD Group for the next three years [1]. This agreement consolidates and renews ongoing connected transactions related to property leasing and management services, ensuring compliance with Hong Kong's Listing Rules.

Background:

ZhongAn, founded in 2013 and listed on the Main Board of the Hong Kong Stock Exchange in 2017, has been making waves in the Chinese insurance industry with its innovative approach to property insurance [2]. The company, headquartered in Shanghai, has a registered capital of 1 billion RMB and a focus on the Internet [1].

The Importance of the Property Framework Agreement:

The Property Framework Agreement with RGMD Group is necessary for ZhongAn to maintain compliance with Hong Kong's Listing Rules, which require disclosure of connected transactions [1]. The agreement is subject to annual review requirements but exempt from independent shareholders' approval [1].

The significance of this agreement extends beyond regulatory compliance. ZhongAn's property insurance business covers a range of services directly related to transactions on the Internet, including corporate and family property insurance, cargo insurance, liability insurance, and credit guarantee insurance [1]. The agreement with RGMD Group strengthens ZhongAn's position in this market by ensuring continued access to property leasing and management services.

The Future of ZhongAn:

ZhongAn's innovative approach to insurance and its focus on the Internet have earned it the distinction of being the first online insurance company in China and the world to be licensed by the China Insurance Regulatory Commission [1]. With the recent Property Framework Agreement with RGMD Group, ZhongAn is well-positioned to continue its growth and innovation in the Chinese insurance market.

References:

[1] ZhongAn Online P&C Insurance Co., Ltd. (2022, September 30). ZhongAn Online P&C Insurance Co., Ltd. Enters into a Property Framework Agreement with RGMD Group for the Next Three Years. Retrieved October 1, 2022, from https://www.zhongan.com/corporate/uncategorized/zhongan-online-p-c-insurance-co-ltd-enters-into-a-property-framework-agreement-with-rgmd-group-for-the-next-three-years/

[2] ZhongAn Online P&C Insurance Co., Ltd. (n.d.). Who We Are. Retrieved October 1, 2022, from https://www.zhongan.com/corporate/who/