Tianjin Teda Co., Ltd. announced on March that it planned to take a 20 percent stake in Bohai Property Insurance Co., Ltd. via injecting CNY 400 million into the latter.
After the deal, it will act as the target's co-biggest shareholder and the stake controls by four Teda companies, including TEDA Investment Holding Co., Ltd., Teda Group, Northern International Trust Co., Ltd. and Tianjin Teda, will total 69 percent. On March 1, Tianjin Teda rose 6.32 percent on the Shenzhen Stock Exchange.
Bohai Property was established in northern Chinese port city of Tianjin in September 2005 and has achieved pre-tax profit-making operation. Its earnings per share and net asset per share each stood at CNY 0.043 and CNY 0.689 as at the end of December 2009 in line with the unaudited 2009 financial results. Premium revenue it gains in 2014 is estimated at CNY 3.4 billion by Tianjin Teda. Pre-tax profit is predicted at CNY 250 million, with accumulative figure hitting CNY 500 million.
