Chinese internet services provider Tencent Holdings and a group of seven investors have reportedly moved closer to launching a CNY1.5bn ($217m) HeTai Life Insurance, an online life insurer in China.

Reuters reported that the group has put up funds and signed an agreement to form the venture.

One investor, Munsun Capital, is said to have spent CNY 210m to have a 14% stake in the soon-to-be launched company, CITIC Guoan and Beijing Easyhome Investment Holding Group are said to be some of the other investors involved in the initiative.

HeTai is reported to have received regulatory approval from Chinese regulators in July and has up to one year to prepare for its launch.

Tencent is also reportedly one of the companies behind Chinese internet insurer Zhong An Online Property and Casualty Insurance, which is looking to go public in Hong Kong in a $2bn deal.

Founded in 1998, Tencent’s sys it Internet platforms in China – QQ (QQ Instant Messenger), Weixin/WeChat, QQ.com, QQ Games, Qzone, and Tenpay – have brought together China's largest Internet community, to meet the various needs of Internet users.

.Tencent went public on the main board of the Hong Kong Stock Exchange on 16 June 2004.