After a two-year process, the equity transfer for Anhua Agricultural Insurance has finally received approval.

On September 17, approval documents disclosed by the National Financial Regulatory Administration showed consent for Rongjie Investment Holdings Group Co., Ltd. (Rongjie Group) to acquire 166 million shares of Anhua Agricultural Insurance Co., Ltd. (Anhua Agricultural Insurance) held by Zhongke Hengyuan Technology Co., Ltd. (Zhongke Hengyuan), Shaanxi Jiale Ziguang Technology & Trade Co., Ltd. (Shaanxi Jiale), and Panjin Longde Industrial Co., Ltd. (Panjin Longde). Following the transfer, Rongjie Group now holds a total of 346 million shares of Anhua Agricultural Insurance, representing a 32.719% stake.

The approval document from the financial regulatory authority was dated July 23, 2025.

After this equity transfer, Rongjie Group's shareholding significantly exceeds that of other shareholders. In comparison, Anhua Agricultural Insurance's second-largest shareholder, Anhua Jiahe Investment Co., Ltd., holds a 10.21% stake.

On August 11, 2023, Anhua Agricultural Insurance announced that in July 2023, shareholders Zhongke Hengyuan, Shaanxi Jiale, and Panjin Longde signed share transfer agreements with Rongjie Group, with the three shareholder entities planning to transfer their company shares to Rongjie Group. The share transfer had been approved by the authorized decision-making bodies of both transferor and transferee parties.

Previously, Zhongke Hengyuan, Shaanxi Jiale, and Panjin Longde held 9.17%, 5.39%, and 1.134% stakes in Anhua Agricultural Insurance respectively, while Rongjie Group held a 17.02% stake as the largest shareholder.

Zhongke Hengyuan is a company associated with the "Xianghui Group" involving Lu Dezhi and Lu Jianzhi, along with Xiang Jun, another low-profile major player in Hunan's investment circle. Panjin Longde had its business license revoked on June 28, 2023, while Shaanxi Jiale was added to the abnormal business operations list in January this year.

Rongjie Group, which now holds over 32% of Anhua Agricultural Insurance shares, is a large holding group integrating industrial operations, technology development, and financial investment, founded by Lü Xiangyang in 1995.

According to the company's official website, Rongjie's invested enterprises currently have a combined market value exceeding 1.1 trillion yuan, assets exceeding 700 billion yuan, operating revenue surpassing 800 billion yuan, and employ over 900,000 people. The industries span more than ten sectors including new energy, display technology, educational technology, biopharmaceuticals, resource development and processing, and technology innovation and financial investment.

Lü Xiangyang also holds another significant identity as Wang Chuanfu's cousin. In 1995, Wang Chuanfu and Lü Xiangyang co-founded Byd Company Limited (002594.SZ), with Lü Xiangyang investing 2.5 million yuan in the company. Today, Byd Company Limited has a market capitalization exceeding 980 billion yuan.

Anhua Agricultural Insurance was established in December 2004 with registered capital of 1.0575 billion yuan and headquarters in Changchun, Jilin Province. According to the company's official website, Anhua Agricultural Insurance was established against the backdrop of national emphasis on "agriculture, rural areas, and farmers" development, proposing to improve agricultural risk protection systems and explore the establishment of policy-based agricultural insurance systems. It was approved by the former China Insurance Regulatory Commission as a comprehensive, professionally operated national agricultural insurance company.

Regarding shareholders, following the approval of this equity transfer, the number of Anhua Agricultural Insurance shareholders decreased from 21 to 18, with only 2 shareholders holding stakes exceeding 10%.

In the first half of this year, Anhua Agricultural Insurance achieved insurance business revenue of 4.282 billion yuan and net profit of 99 million yuan. As of the end of June, the company's core solvency adequacy ratio and comprehensive solvency adequacy ratio were 173.94% and 175.21% respectively. The company's risk comprehensive rating (classified supervision) results for the past two periods were both Class C, primarily due to governance-related risks. Anhua Agricultural Insurance stated that according to regulatory requirements for rectification, the company is actively advancing related improvement work and has achieved substantial progress.