On January 16, according to the Alibaba Asset Platform, the auction for 100 million shares of Sunshine Insurance (HK06963) held by Guangxi Yuanchen Investment Group Co., Ltd. officially concluded. Beijing Shouyuan Xinrong Investment Co., Ltd. emerged as the winning bidder under bidder number Q3847 with the highest offer, securing the shares for a transaction price of 441.07 million yuan.

The online bidding success confirmation letter stated that users who successfully win an online auction must, in accordance with the requirements of the lot's "Bidding Instructions" and "Auction Announcement," pay the remaining balance for the won lot on time and complete related procedures. The finalization of the lot's transaction is subject to the auction adjudication document issued by the Nanning Intermediate People's Court.

Enquiries reveal that Beijing Shouyuan Xinrong Investment is a wholly-owned subsidiary of the Hong Kong-listed company Shoucheng Holdings (HK00697), whose major shareholders include Sunshine Insurance Group.

In August 2025, the Nanning Intermediate People's Court resumed enforcement of related cases involving Guangxi Yuanchen Investment Group, Liu Mou, and Lü Mou, and conducted a valuation inquiry for the 100 million Sunshine Insurance shares held by Guangxi Yuanchen Investment Group. Subsequently, on December 29, 2025, this block of shares was listed on the auction platform with a starting price of 551.34 million yuan, but the auction ultimately failed due to a lack of bids.

Half a month later, the Nanning Intermediate People's Court again auctioned the 100 million Sunshine Insurance shares held by Guangxi Yuanchen Investment Group, this time reducing the starting price to 441.07 million yuan, approximately an 80% discount from the original starting price.

Following the price reduction, the lot attracted a bidder. On January 16, as the auction period ended, Beijing Shouyuan Xinrong Investment, using bidder number Q3847, won with the highest bid, acquiring the 100 million Sunshine Insurance shares from Guangxi Yuanchen Investment Group for 441.07 million yuan.

Tianyancha data shows that Beijing Shouyuan Xinrong Investment was established in 2022 with a registered capital of 390 million yuan. Its business scope includes investment activities using its own funds, enterprise management, and enterprise management consulting.

A look through the ownership structure reveals that Beijing Shouyuan Xinrong Investment is a wholly-owned subsidiary of the Hong Kong-listed Shoucheng Holdings. The presence of Beijing Shouyuan Xinrong Investment can also be seen in announcements issued by Shoucheng Holdings.

Public information indicates that Shoucheng Holdings, as a smart infrastructure asset service provider in China, focuses on two core business areas: asset operation and asset financing. Since 2018, Shoucheng Holdings has continuously introduced strategic investors, including Sunshine Insurance Group in 2023. Currently, its major shareholders include Shougang Group, ORIX Group, NWS Holdings, Beijing State-owned Capital Operation and Management Center, and Sunshine Insurance Group.

From an investment perspective, Shoucheng Holdings' equity investments span sectors such as automobiles and robotics, and it maintains relatively close cooperation with Sunshine Insurance. For example, they jointly established the Beijing Shoucheng Urban Development Infrastructure Investment Fund with a total scale of 10 billion yuan.

The acquisition of these Sunshine Insurance shares by a subsidiary of Shoucheng Holdings is particularly significant. According to the auction information, a successful bid is considered the bidder's commitment to submit complete materials for the share change to the insurance company in writing within 15 working days after the generation of the auction success confirmation letter. Upon review and approval by the insurance company, and after completing necessary procedures, the change will be submitted to the National Financial Regulatory Administration for approval or filing.

The successful outcome of the Sunshine Insurance share auction brings positive news amidst the frequent failed auctions of insurance institution shares. This suggests that capital's interest in insurance companies remains, albeit with adjustments based on the specific target.

"From a capital perspective, high-quality insurance companies currently in favor typically possess three characteristics: sound governance and long-term oriented shareholders, a clear business model, and differentiated competitive and synergistic capabilities," said Zhu Junsheng, a postdoctoral fellow and professor in Applied Economics at Peking University, noting that the cautious stance of capital reflects a market valuation logic returning to rationality—companies truly possessing sound governance, clear models, and differentiated capabilities will stand out in the new round of industry reshaping.

Judging from the result of this auction, Sunshine Insurance's operations and development clearly appear more competitive compared to small and medium-sized insurance institutions whose shares are often auctioned. Public information shows that Sunshine Insurance is one of the few insurance groups in the market possessing a full suite of licenses, with numerous professional subsidiaries in property insurance, life insurance, credit, asset management, healthcare, pensions, and technology.

From 2023 to 2024, although Sunshine Insurance's net profit declined in 2023, it resumed positive growth in 2024. Specifically, from 2022 to 2024, Sunshine Insurance's total premium income was 108.74 billion yuan, 118.907 billion yuan, and 128.38 billion yuan, respectively. Net profit was 4.628 billion yuan, 3.866 billion yuan, and 5.54 billion yuan, respectively, while net profit attributable to parent company shareholders was 4.494 billion yuan, 3.738 billion yuan, and 5.449 billion yuan, corresponding to earnings per share of 0.43 yuan/share, 0.32 yuan/share, and 0.47 yuan/share, respectively.

In the first half of 2025, Sunshine Insurance's total premium income reached 80.814 billion yuan, with a net profit of 3.481 billion yuan and net profit attributable to parent company shareholders of 3.389 billion yuan, corresponding to earnings per share of 0.29 yuan/share.

Regarding stock price performance and dividends, since its listing in December 2022, Sunshine Insurance Group's stock price has remained at relatively low levels. Public information indicates that Sunshine Insurance's IPO price was 5.83 HKD per share; as of the close on January 16, its closing price was 4.11 HKD per share. Regarding dividends, since listing, Sunshine Insurance Group has conducted three dividend distributions: 0.199824 HKD per share for 2022, 0.1978 HKD per share for 2023, and 0.207747 HKD per share for 2024.

Judging from various data points, Sunshine Insurance's performance is relatively solid, and its dividend yield is comparatively high. "Sunshine Insurance's shares attracting capital favor primarily stems from its stable performance and clear strategic positioning," said Long Ge, Deputy Director of the Innovation and Risk Management Research Center at the University of International Business and Economics.

Interest in Sunshine Insurance is not limited to Shoucheng Holdings; recent moves by Septwolves Holdings to increase its stake in Sunshine Insurance through a subsidiary have also drawn significant market attention. Some securities analysts suggest that the value of insurance targets offering high dividends and possessing full licenses will become increasingly prominent.