The first joint venture property insurance company in China was officially transformed into a wholly foreign-owned property insurance company.

On May 15, Sino Italian Property and Casualty Insurance Co., Ltd. (hereinafter referred to as "Sino Italian Property and Casualty Insurance") issued an announcement that, according to the Reply of the Beijing Regulatory Bureau of the State Administration of Financial Supervision and Administration on the Change of Shareholders of Sino Italian Property and Casualty Insurance Co., Ltd. (JJF [2024] No. 289), it was agreed that CNPC Capital Co., Ltd. (hereinafter referred to as "CNPC Capital") Transfer 51% equity of the company to Italy Zhongli Insurance Co., Ltd. (hereinafter referred to as "Zhongli Insurance"). After the transfer, Zhongli Insurance's shareholding in Sino Italian Property and Casualty Insurance reached 100%. PetroChina Capital no longer holds the company's equity.

The withdrawal of PetroChina Capital from Sino Italian Property and Casualty Insurance has already shown signs. As early as November 2023, the Beijing Equity Exchange disclosed that PetroChina Capital planned to list and transfer 51% of the equity of Sino Italian Property and Casualty Insurance.

On January 11 this year, the Chinese Consulate General in Milan announced that ANSA reported that the Italian Zhongli Group had recently acquired 51% of the shares of Sino Italian Property Insurance at a price of nearly 99 million euros, and the shareholding ratio would reach 100%. Zhongli Group said that the acquisition is a long-term strategic investment aimed at developing the property insurance business fully owned and controlled by the Group in China and expanding its market share in China.

According to the official website, Sino Italian Property Insurance is the first joint venture property insurance company in China. The company was approved to be established in Beijing in April 2007. It was jointly established by PetroChina Capital and Zhongli Insurance, with a registered capital of 1.3 billion yuan.

It is understood that at the beginning of its establishment, the Chinese and foreign shareholders of Sino Italian Property and Casualty Insurance held 50% shares respectively. In 2009, Zhongli Insurance transferred 1% of its equity to the then shareholder CNPC, and the shareholding ratio of Chinese and foreign shareholders was adjusted to 51:49.