China Banking and Insurance Regulatory Commission approves: BYD Auto acquires Yian Property Insurance shares

According to news on May 18, Shenzhen BYD Property Insurance Co., Ltd. has recently undergone an industrial and commercial change and officially changed its name to "Shenzhen BYD Property Insurance Co., Ltd.". At the same time, BYD Automobile Industry Co., Ltd. became the sole shareholder of the company and appointed Zhou Yalin as the Chairman of the company.

According to ITBEAR Technology Information, the China Banking and Insurance Regulatory Commission has previously issued an approval for the change of shareholders of Yi'an Property Insurance Co., Ltd., which clearly stated:

First of all, it agrees with BYD Automobile Industry Co., Ltd. The company acquired 1 billion shares of Yi'an Property Insurance Co., Ltd. and became its 100% shareholder.

## Secondly, Shenzhen Yinzhijie Technology Co., Ltd., Shenzhen Brightoil Petroleum Group Co., Ltd., Tibet Shengxinchuang Asset Management Co., Ltd., Beijing Fubon Hengye Technology Development Co., Ltd., Beijing Hengyi Xinyuan Technology Co., Ltd., Shandong Daneng Industry and Trade Co., Ltd., and Shenzhen Jinjiuchen Trading Co., Ltd. will no longer hold shares in the company.

According to relevant regulations, Shenzhen BYD Property Insurance Co., Ltd. will complete the corresponding equity change procedures as required.

The industrial and commercial changes of Shenzhen BYD Property Insurance Co., Ltd. mean that it is more closely related to BYD Automobile Industry Co., Ltd. This move will help strengthen BYD's layout in the insurance field, provide more comprehensive services and protection, and meet consumers' needs for comprehensive insurance solutions. With the support of BYD Group, Shenzhen BYD Property Insurance Co., Ltd. is expected to expand its market share and achieve better development.

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