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HONG KONG, Sept 9, 2010 - (ACN Newswire) - Tai Shing International (Holdings) Limited ("Tai Shing" or the "Company") (HKSE code: 8103.HK) announces today it eyes on high growth insurance intermediary business in the PRC. To achieve this, the Company announced in June this year of the acquisition of the entire shares of Fullmark Management Limited ("Fullmark") which holds 24.90% of Shanghai Dongda Insurance Agency Company Limited ("Dongda Agency") and a proprietary insurance sales and CRM system namely InsureLink system.
The balance shareholding of 75.10% in Dongda Agency is held by Shanghai Dongda Insurance Brokerage Company Limited ("Dongda Brokerage") which is ranked first in Shanghai and seventeenth in the country in terms of operating income, according to CIRC 2009. It is one of the first three insurance brokerage firms first established in the PRC and the first established insurance brokerage firm in Shanghai. Its founding shareholders included China Changjiang National Shipping (Group) Corporation, Shanghai Foreign Services Co., Ltd., JinJiang International Holdings Co., Ltd. and Shanghai Alliance Investment Ltd.
Mr. Wong Chung Wai, Chairman and Executive Director said, "the reasoning behind the acquisition of Fullmark Management Limited is three-folds: 1) to enter and tap the high growth insurance intermediary business in the PRC; 2) to increase the operational efficiency of its associate company Dongda Agency and its shareholder Dongda Brokerage through the full application of its proprietary InsureLink system; 3) to broaden the income stream through promoting and selling the InsureLink system to insurance brokers and agents in the PRC."
According to a Cooperation Agreement signed by Dongda Brokerage and Fullmark, Dongda Brokerage guaranteed that the revenue received by Fullmark shall be not less than RMB20,000,000 per annum.
Dongda Agency is principally engaged in the provision of property and life insurance, professional insurance agency services (such as engineering insurance, cargo transportation insurance liability insurance and group life insurance) and reinsurance agency service.
InsureLink System is a system developed and owned by Fullmark that links an insurance broker or agent's front office seamlessly to its back office and then to the insurance providers. The licence of the InsureLink System is sold and distributed directly to brokers and insurance agents in the PRC by Dongda Brokerage. Continual upgrades of and trainings on the use of the InsureLink System would be provided to the customers in the PRC jointly by Dongda Brokerage and Fullmark. At present, only the English version of the InsureLink System is available, and Fullmark is in the course of localizing and preparing the simplified Chinese version of the InsureLink System. Customers will pay an initial license fee and then pay an annual maintenance fee to Dongda Brokerage. It is the intention of the Target to provide a one stop solution to the insurance agency and brokerage sector.
According to CIRC, the insurance brokerage business in the PRC presents a high growth trend, from operating income of RMB1.46 billion in 2006 up to RMB3.31 billion in 2009, especially property insurance accounted for 77% in 2009.
Contact:
JOVIAN Financial Communications Ltd
Angel Y Y Yeung
Tel: +852 2154 7889
Email: angel@joviancomm.com
Topic: New Service
Source: Tai Shing International
Sectors: Daily Finance
http://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2026 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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