Two-Year Equity Change Process Finally Settled

After two years, the equity change matter of Anhua Agricultural Insurance Co., Ltd. (hereinafter referred to as "Anhua Agricultural Insurance") has finally been settled. On September 17, 2025, the National Financial Regulatory Administration officially announced the approval document regarding Anhua Agricultural Insurance's equity change.

The document shows that Rongjie Investment Holdings Group Co., Ltd. (hereinafter referred to as "Rongjie Group") acquired a total of 166 million shares held by Zhongke Hengyuan Technology Co., Ltd., Shaanxi Jiale Ziguang Technology & Trade Co., Ltd., and Panjin Longde Industrial Co., Ltd.

After the completion of this transaction, Rongjie Group's shareholding ratio surged dramatically from the original 17.02% to 32.719%, leaping to become the absolute controlling shareholder of Anhua Agricultural Insurance, with its shareholding ratio far exceeding that of the second-largest shareholder Anhua Jiahe Investment Co., Ltd. at 10.21%.

Industrial Giant Behind Capital Layout

Rongjie Group can be called an industrial giant behind capital layout. The group was established in 1995, founded by BYD co-founder Lu Xiangyang, and is a comprehensive holding group spanning more than ten industries including new energy, display technology, and financial investment.

The total market value of its invested enterprises exceeds 1.1 trillion yuan, with asset scale breaking through 700 billion yuan. Lu Xiangyang is not only an important shareholder of BYD Company (holding 12.44% directly and indirectly), but also through long-term cooperation with his cousin Wang Chuanfu, has built a synergistic layout in the new energy vehicle and insurance sectors.

After this controlling stake in Anhua Agricultural Insurance, Lu Xiangyang and Wang Chuanfu (the actual controller of BYD Property Insurance) have formed a unique pattern of "brothers dividing territories" in the insurance sector.

Current Status and Challenges of Anhua Agricultural Insurance

As a national agricultural insurance company established in 2004, Anhua Agricultural Insurance has a registered capital of 1.0575 billion yuan. In the first half of 2025, the company achieved premium income of 4.282 billion yuan and net profit of 99 million yuan.

Although its solvency adequacy ratio meets standards (core solvency of 173.94%), its comprehensive risk rating has been Class C for two consecutive periods, mainly due to risks in corporate governance.

This equity concentration may help improve decision-making efficiency. However, how to balance the policy attributes of agricultural insurance with market-oriented operations remains a core challenge facing the new controlling party.

Industry Impact and Future Outlook

This transaction has had a certain impact on the industry and has sparked expectations for the future. This transaction marks the acceleration of resource integration in the agricultural insurance sector. With its industrial advantages in new energy, finance and other fields, Rongjie Group may inject dual driving forces of technology and capital into Anhua Agricultural Insurance.

It is worth noting that among the equity transferors, Zhongke Hengyuan and Panjin Longde had previously experienced operational abnormalities, and this divestiture of non-core assets also aligns with the industry clearing trend.

In the future, whether Anhua Agricultural Insurance can find a balance between "agriculture, rural areas, and farmers" protection and shareholders' commercial demands will become an important example for observing China's agricultural insurance reform.