China's National Financial Regulatory Administration approved the registration of a property and casualty insurance joint venture of BNP Paribas Cardif, Xiaomi (HKG:1810), and Volkswagen, Yicai Global reported Wednesday.

Beijing BNP Paribas Tianxing Property & Casualty Insurance, the JV, is part of BNP Paribas, while Xiaomi's stake is held through a tech affiliate incorporated in Sichuan, China, and Volkswagen's stake is held through a financial services affiliate, the report said.

The three firms did not disclose the size of their stakeholdings, the report said.

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