Three Gorges Life Insurance's 200 million shares have been auctioned for the fourth time, with the reserve price lowered to 100 million yuan, and a new general manager has been appointed after a 7-year vacancy.

Rui Finance Wang Min On March 19, JD Auction Platform relisted 200 million shares of China Xinhua Holdings Limited (hereinafter referred to as “Xinhua Holdings”) held by China Xinhua Holdings Limited (hereinafter referred to as “Xinhua Holdings”) in China Three Gorges Life Insurance Co., Ltd. (hereinafter referred to as “Three Gorges Life”). This is the fourth time Xinhua Holdings has auctioned this stake.

The auction is scheduled to start on April 2, with a starting price as low as 103.424 million yuan, roughly 0.517 yuan per share, nearly halving the initial auction price of 202 million yuan.

Three Gorges Life was established in December 2017 with a registered capital of 3.033 billion yuan. Its business scope includes ordinary insurance, health insurance, accident insurance, dividend insurance, and reinsurance.

Tianyancha shows that Three Gorges Life is jointly held by Chongqing Expressway Investment Holding Co., Ltd., Xinhua Holdings, Chongqing Yufu Capital Operation Group Co., Ltd., Chongqing Gaoke Group Co., Ltd., Jiangsu Huaxi Tongcheng Investment Holding Group Co., Ltd., and Chongqing Zhongke Construction (Group) Co., Ltd.

In early January this year, the Chongqing Financial Regulatory Bureau approved the transfer of 562,291,057 shares of Three Gorges Life held by Chongqing Yufu Capital Operation Group Co., Ltd. to Chongqing Development Investment Co., Ltd.

After the transfer, Chongqing Development Investment holds 1,000,934,858 shares of Three Gorges Life, accounting for 33%; Chongqing Yufu Capital Operation Group holds 404,906,308 shares, accounting for 13.35%.

On the same day, the Chongqing Financial Regulatory Bureau approved Lei Wanchun’s appointment as General Manager of Three Gorges Life.

According to Sunshine Life’s annual report, Lei Wanchun graduated from the Party School of the Chongqing Municipal Committee of the Communist Party of China with a major in administrative management and holds a graduate degree.

Lei Wanchun previously served as the marketing manager of China Life Insurance’s Jiulongpo District branch, deputy general manager of the marketing department of China Life Chongqing Branch, and general manager of Jiulongpo District branch. He joined Sunshine Life in March 2008 and has held positions such as deputy general manager and general manager of Sunshine Life Chongqing Branch. Since November 2019, he has been an assistant to the general manager of Sunshine Life.

It is noteworthy that the position of General Manager of Three Gorges Life has been vacant for as long as 7 years. At the end of 2018, the first General Manager, An Yimin, resigned after serving for just over half a year. Since then, Three Gorges Life has appointed Li Yiming and Xu Yongwei as interim persons in charge and acting general managers. However, after their interim terms expired, Xu Yongwei has not served as interim person in charge since February 2022.