Sunshine Insurance is witnessing another shareholder preparing to transfer equity, with the transferee being a company associated with Septwolves. Recently, Sunshine Insurance Group Co., Ltd. (SUNSHINE INS, 06963.HK) disclosed in an equity change announcement that Lhasa Fengming Engineering Machinery Sales Co., Ltd. (Lhasa Fengming) intends to transfer 197.9142 million shares, representing a 1.72% stake, to Henghe Real Estate (Xiamen) Co., Ltd. (Henghe Real Estate). This shareholder change is pending approval from the National Financial Regulatory Administration before it can take effect.

Should this equity transfer receive approval, Lhasa Fengming's stake in Sunshine Insurance will decrease from 4.78% to 3.06%, while Henghe Real Estate will become a new shareholder holding 1.72%.

Notably, Sunshine Insurance stated in the announcement that Henghe Real Estate has an affiliated relationship with existing shareholders Beijing Ruiteng Yihong Investment Management Co., Ltd. (Ruiteng Yihong) and Fujian Septwolves Industry Co., Ltd. (Septwolves Holdings). Examining the equity structure reveals that Septwolves Holdings possesses a 91.18% stake in Henghe Real Estate and also holds a 62.83% stake in Ruiteng Yihong.

According to disclosures on Sunshine Insurance's official website, Ruiteng Yihong is one of the largest single shareholders holding more than 5% of Sunshine Insurance's shares, with a total of 700 million shares.

In August this year, Sunshine Insurance also announced an equity change involving these parties. Ruiteng Yihong planned to transfer 330 million shares (2.87%) to Septwolves Holdings, 39.984 million shares (0.35%) to Fujian Baiqun Investment Co., Ltd., and 19.992 million shares (0.17%) to Chengdu Jinjiang Fuyuan Food Co., Ltd. If approved, Ruiteng Yihong would retain a 2.7% stake in Sunshine Insurance, while Septwolves Holdings' shareholding would increase from 0.87% to 3.74%, with the other two new shareholders holding 0.35% and 0.17% respectively.

In fact, both Lhasa Fengming and Ruiteng Yihong are long-term shareholders who invested in Sunshine Insurance a decade ago, entering simultaneously. In October 2015, Sunshine Insurance increased its registered capital from 6.71 billion yuan to 9.911 billion yuan by issuing and allocating 3.2 billion new domestic shares with a par value of 1 yuan each to six new corporate investors. These six new shareholders included Ruiteng Yihong and Lhasa Fengming.

Furthermore, among the two new shareholders from the previous announcement, Fujian Baiqun Investment Co., Ltd. is the controlling shareholder of Zhongqiao Sports Co., Ltd., with the couple Ding Guoxiong and Ding Yezhi holding 51% and 49% of Fujian Baiqun Investment, respectively. Chengdu Jinjiang Fuyuan Food Co., Ltd. is a company under Panpan Food Group Co., Ltd., which holds a 66.6667% stake in the former.

Among the shareholders of Ruiteng Yihong, besides Septwolves Holdings, are also Fujian Baiqun Investment Co., Ltd. and Chengdu Jinjiang Fuyuan Food Co., Ltd., among others.

Established in July 2005, Sunshine Insurance initially started with property insurance and has since grown into a group encompassing numerous specialized subsidiaries in property insurance, life insurance, credit guarantee insurance, asset management, and healthcare. On December 9, 2022, Sunshine Insurance was listed on the main board of The Stock Exchange of Hong Kong, becoming the tenth listed insurance company in China.