Dajia Insurance Group has been put up on the auction block by the Chinese financial regulators for approximately $5.19bn (CNY33.6bn).

Dajia was set up by China Banking and Insurance Regulatory Commission (CBIRC) in 2019 to manage the operations of Anbang Insurance.

Its shareholders include China Insurance Security Fund (CISF), SAIC Motor Corp and Sinopec.

Dajia holds equities of Anbang Life Insurance, Anbang Pension Insurance and Anbang Asset Management.

According to an auction statement filed with the Beijing Financial Assets Exchange, CISF holds a 98.23% stake in Dajia and will auction it for $5.14bn (CNY33.38bn).

Sinopec on the other hand aims to sell its 0.55% stake for $28.82m (CNY186.9m), the filing added.

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The auction is expected to end by 12 August.

The filing said Dajia has stakes in insurance and financial institutions. It has over 200 employees on payroll and operates as a financial holding company.

It has approximately $3.15bn (CNY20.5bn) in assets and was valued at $5.23bn (CNY33.98bn) at the end of August 2020, according to the assessment of China United Assets Appraisal, the filing added.

The CIRC seized control of insurance and financial giant Anbang Insurance in 2018 after its operation was found violating regulations.

Concurrently, the company’s chairman Wu Xiaohui had been charged with fraud and embezzlement by the regulator and sentenced to 18 years in prison.

The move was part of the countrywide campaign directed at minimising the financial risk after some private-sector conglomerates went on an asset-buying spree.