It is reported that the share reform of Datong Insurance Sales & Service Co., Ltd., the first national insurance professional sales and service organization that has aroused the attention of the investment community and the insurance industry, has finally settled, and completed all equity delivery procedures on March 25. At this point, Datong's controlling shareholder, Pan China Insurance Services Group, withdrew all its equity in Datong and replaced it with investors led by Warburg Pincus, one of the largest private equity investment funds in the United States. group. According to Pan China's external information disclosure, Datong's operating income in 2010 was 251.1 million yuan, and Pan China received a total consideration of RMB 418 million from this transaction. After the completion of the share reform, the management of Datong became the largest shareholder of Datong.
On September 17, 2008, the newly established Beijing Pan-China Datong Investment Management Co., Ltd. (the predecessor of Datong) signed a formal cooperation agreement with Pan-China, the first company in the Asian insurance intermediary industry to be listed on the NASDAQ in the United States. , Pan-China invested RMB 220 million and held 55% of Datong ’s shares as its controlling shareholder. This M & A case has caused a lot of sensation in the industry and was called "the largest investment in insurance intermediaries to date", and the joint work of the two parties is also known as "a strong alliance." People can't help but ask, at the beginning of Datong's entrepreneurship, Pan China held high-profile hands, why did it choose to break up at this time when it became popular? According to people familiar with the matter, at the beginning of the cooperation between the two parties, although Fanhua was the controlling shareholder, Lin Keping, the founder of Datong and the chairman and president of the company, proposed to retain the rights of Datong ’s independent brand, independent listing and independent operation, and The final agreement between the two parties is also based on meeting this prerequisite. However, Datong's road to independent listing encountered many legal obstacles such as horizontal competition and connected transactions with its controlling shareholder, Pan China, and the two systems had objective differences in concepts, culture, and values. Therefore, in the eyes of those who know both sides, today's breakup is not only a matter of gratification, but also reasonable.
It is reported that although Datong and Pan-China only took a little more than two years from holding hands to breaking up, no matter what, for any party, it should be a perfect peer for each need, complement each other, and benefit each other. Cooperation and business transactions.
For Pan-China, the investment of 220 million yuan from Datong obtained a return of more than 400 million yuan. This can be regarded as a good profitable transaction in the three years of 2008, 2009, and 2010 under the financial crisis. See such high-return investment projects. At the same time, Datong has a professional management team for life insurance marketing that is commendable in the industry, and it is precisely for Pan China, which started by selling cars and auto insurance, to fill the shortcomings of the life insurance business. In particular, the entry of Datong can be described as the right time, not only to find the basis for the business story of the pan-China listing in the United States, but also because Datong uses high-value life insurance product delivery as the main business, through financial and The table plays an important supporting role for Pan China's core business of life insurance.
For the big boy, Pan China injected not only funds, but also the corporate brand of Asia's first listed insurance intermediary company. After all, insurance intermediaries two years ago were still a field with very low entry barriers and technical levels, and neither high industry status nor social image. Entering such an industry at the time required both the courage and intelligence of Big Boy Chairman Lin Keping. Fanhua Hu Yinan's capital strength and brand tension are needed. With the help of Pan China's capital injection, Datong was able to take advantage of its latecomer and quickly advance its development strategy and business strategy. Industry insiders said that the big boy management team is basically a professional manager, and starting an insurance agency is a completely different field and concept. Therefore, big boy should also learn a lot of business operations from its controlling shareholder Panhua Method, after all, the cooperation between the two parties is also commercial. For more than two years, Datong has been deployed in 16 provinces and cities across the country, and has established a high-performance sales team of thousands of people. Its business scale and operating income have ranked among the top three in the insurance professional intermediary industry. In 2010, it has ranked first in the industry and has become a brand enterprise that has emerged from the first-line market, attracted the attention of mainstream media, and the insurance intermediary market.
Perhaps, with the completion of this equity transaction, Huaping, who has always been low-key, has become less prone to low-key. Because the lively insurance intermediary industry and the highly regarded industry leaders will make the concern for Huaping rise. Huaping has been hailed as an "experienced partner of entrepreneurs" in the industry, and has so far surpassed the world's major capital investment markets for nearly 40 years with a "very wild" and "very independent" investment style. Saying its "wildness", one is that it has a wide range of investments, and Huaping not only makes strategic corporate mergers and acquisitions, but also carries out venture investment; the second is that its investment involves all stages of the company's development, from starting capital injection for new companies to Huaping has participated in corporate restructuring, capital structure adjustment and capital injection, and even the acquisition of the entire company. The third is that its investment industry and scope are very wide. The industries involved include retail, information industry and telecommunications technology, financial services, medical and health, In the fields of industry, media and business services, energy and real estate, the investment scope covers more than 500 companies in 30 countries and regions such as North America, Europe, and Asia, with a fund size of more than US $ 40 billion. Said "independent", because Huaping's investment vision is very unique, its investment is rarely missed, and most of the company types it chooses have common characteristics such as "stable operation, stable value, sustainable profitability and development model". , Is its "very independent" place.
It is understood that this time Hua Ping is also a must for Datong, and it should be that Datong is very in line with its "very wild" and "very independent" investment tastes. First of all, the development of Datong is also quite "ambitious". The development strategy of Datong is "based on insurance services and radiating the entire financial industry". The current business has covered the fields of life insurance, property insurance, bank wealth management, group enterprise annuity and so on. March into fields such as trusts and funds. Datong is not only positioned to be an excellent brand in the field of professional sales of Chinese insurance products, but also has the ambition to build China's largest financial insurance retail platform supplier. Datong is favored by Huaping's "independent" wise eye. One of them is that it has built a profit model oriented to long-term stable operation and continuous value growth. Over 95% of Datong is a long-term high-value life insurance business. Its future Profit and company development will be built on the scale of the first renewal business that is expanding year by year, so its stable operation, stable value, sustainable profitability and development model have unique advantages. In addition, since its inception, Datong has been subject to strict financial audits and audits of the Sarbanes-Oxley Act of Deloitte Touche Tohmatsu every year to ensure controllable risks and operational compliance. The above traits of Datong are favored by Huaping, so the two sides hit it off and quickly entered the period of love.
Of course, as a strategic investment vision of Huaping Investment, at this time, choose the boy who has already shown good growth and growth potential as a partner to enter the financial and insurance field in mainland China, and he is more optimistic about the general trend of China's insurance industry Strategic considerations for the broad prospects of insurance intermediaries.
Datong welcomes the new shareholder of Huaping, in addition to the real way of lightly introducing into the capital market, it can also get more powerful capital brand support from Huaping in the future, and at the same time, Huaping ’s strengths in international capital operation, It will undoubtedly play a strong role in boosting the speed of listing for Big Boy. Datong has strengths in the operation of financial and insurance professional intermediary sales, while Huaping has strengths in capital market investment and operation. The cooperation between the two parties is another kind of stronger cooperation and cooperation in a higher sense. The cooperation is worth looking forward to in the future. .
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