Chinese online insurance company Zhongan Online P&C Insurance Co said it will establish a joint venture with a Hong Kong-based investment firm to tap into overseas markets, media reports said on Monday.
A unit of Zhongan Online and Sinolink will contribute 50 million yuan (.55 million) and 60 million yuan, respectively, to the venture. The Chinese insurer will hold a 51 percent stake, the report noted.
The venture will focus on investment opportunities along the route of the Belt and Road initiative.
Zhongan has secured Hong Kong bourse approval for its planned IPO, which could raise more than billion, Reuters reported in September.