Three years after becoming a shareholder, Yuxing Technology Development (Shenzhen) Co., Ltd. (hereinafter referred to as "Yuxing Technology"), the joint third-largest shareholder of Samsung Fire & Marine Insurance (China) Co., Ltd. (hereinafter referred to as "Samsung Fire & Marine Insurance"), is seeking to exit.

Recently, Samsung Fire & Marine Insurance issued an announcement stating that the company's shareholders' meeting approved a proposal to change shareholders, where company shareholder Yuxing Technology will transfer all of its Samsung Fire & Marine Insurance equity holdings (representing 11.50% of the company's total share capital) to Foshan Shunde Jun Lan Hotel Management Co., Ltd. (hereinafter referred to as "Jun Lan Hotel Management Company"). Currently, this equity transfer is pending regulatory approval.

The announcement shows that Samsung Fire & Marine Insurance held its third extraordinary shareholders' meeting in 2025, reviewing the "Proposal Regarding the Change of Shareholders of Samsung Fire & Marine Insurance (China) Co., Ltd.," requesting shareholders' meeting approval for company shareholder Yuxing Technology to transfer all of its company equity holdings to Jun Lan Hotel Management Company.

In 2021, Samsung Fire & Marine Insurance promoted capital increase, adding RMB 552 million in registered capital based on the original registered capital of RMB 324 million. Yuxing Technology participated in this capital increase as a new shareholder. In 2022, Samsung Fire & Marine Insurance's capital increase plan was officially approved, with Yuxing Technology becoming Samsung Fire & Marine Insurance's joint third-largest shareholder, holding an 11.5% stake.

If this equity transfer is approved, Yuxing Technology will completely exit Samsung Fire & Marine Insurance. The acquiring party, Jun Lan Hotel Management Company, is a subsidiary of Midea Holdings Co., Ltd.

According to available information, Jun Lan Hotel Management Company has a registered capital of RMB 5 million, with main business scope including hotel management and corporate management consulting. According to corporate registry information, Jun Lan Hotel Management Company is wholly owned by Foshan Shunde Jun Lan Holdings Development Co., Ltd., with Midea Holdings Co., Ltd. as the ultimate controlling shareholder.

Why would the "Midea Group" invest in Samsung Fire & Marine Insurance? Will there be business synergy and cooperation between them in the future? "Jun Lan Hotel Management Company's investment in Samsung Fire & Marine Insurance is because Midea is optimistic about Samsung Fire & Marine Insurance's future development prospects, but specific business cooperation has not been discussed in detail yet, and we are currently awaiting regulatory approval," a Samsung Fire & Marine Insurance representative stated.

As a "pioneer" in the foreign property insurance sector, Samsung Fire & Marine Insurance's operating history can be traced back to 1995, when Samsung Fire & Marine Insurance of Korea established a representative office in Beijing. In April 2005, it obtained a business license as a legal entity, successfully becoming the first wholly foreign-owned property insurance company in China. In May 2010, the company was renamed from Samsung Fire & Marine Insurance (China) Co., Ltd. to Samsung Fire & Marine Insurance (China) Co., Ltd.

In August 2022, this veteran foreign insurance company reached a key turning point - through capital increase introducing Tencent-affiliated capital, transitioning from wholly foreign-owned to Sino-foreign joint venture, officially becoming part of the Tencent ecosystem.

Currently, among Samsung Fire & Marine Insurance's shareholders, Samsung Fire & Marine Insurance of Korea holds 37%, Shenzhen Tencent Computer Systems Co., Ltd. holds 32%, Manbat (Zhangjiagang) Investment Development Co., Ltd. and Yuxing Technology each hold 11.50%, while Anhui Guohai Investment Development Co., Ltd. and Boyu Phase III (Shanghai) Equity Investment Partnership (Limited Partnership) each hold 4%.

Following Samsung Fire & Marine Insurance's equity restructuring in 2022, a series of personnel adjustments followed. Currently, Samsung Fire & Marine Insurance's chairman is Ren Huichuan, Senior Advisor to Tencent Group, who previously served as Vice Chairman and General Manager of Ping An Insurance. Samsung Fire & Marine Insurance's General Manager is Li Hao, who previously worked at multiple subsidiaries under Ping An Insurance.

It is reported that after Tencent Senior Advisor Ren Huichuan assumed the position of Samsung Fire & Marine Insurance chairman, he has actively promoted the company's strategic shift toward technology-driven operations. In terms of business collaboration, cooperation between Tencent and Samsung Fire & Marine Insurance has extended from the capital level to the technology foundation: starting from the end of 2022, Samsung Fire & Marine Insurance launched a comprehensive cloud migration plan with Tencent Cloud support, and has now achieved full migration of all core systems to the cloud, becoming the first property insurance company in China to fully migrate its core systems to the cloud. Meanwhile, the core system database smoothly switched from Oracle to Tencent Cloud's domestic database TDSQL-PG, with technological transformation entering the substantive implementation phase.

Strategic adjustments have also brought positive results to Samsung Fire & Marine Insurance's operating performance. Financial data shows that in 2024, Samsung Fire & Marine Insurance achieved insurance business revenue of RMB 2.132 billion, representing a 93% year-over-year increase compared to RMB 1.102 billion in 2023. In the first half of this year, Samsung Fire & Marine Insurance achieved insurance business revenue of RMB 1.298 billion and net profit of RMB 68.8507 million. "Small and medium-sized insurance companies must rely on technology to improve efficiency and accelerate innovation to survive in fierce competition," Samsung Fire & Marine Insurance General Manager Li Hao previously stated frankly that sacrificing short-term profits for long-term technology investment is an inevitable choice.