SHANGHAI : Chinese electric vehicle (EV) giant BYD said on Tuesday it is working on a potential acquisition of Yi'an P&C Insurance Co, an insurer that was seized by Chinese regulators two years ago as part of a crackdown on financial conglomerates.Chinese business publication Caixin reported earlier this
SHANGHAI : Chinese electric vehicle giant BYD said on Tuesday it is working on a potential acquisition of Yi'an P&C Insurance Co, an insurer that was seized by Chinese regulators two years ago as part of a crackdown on financial conglomerates.
"The acquisition is ongoing," BYD said in a statement on Tuesday, referring to the reported deal. It said it would release more details later. A Shanghai court last year fined the conglomerate 55.03 billion yuan and sentenced its founder, Chinese-Canadian billionaire Xiao Jianhua, to 13 years jail on charges that included siphoning away public deposits and betraying the use of entrusted property.
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