Major Shareholder Plans to Liquidate 100% Stake! Is the Insurance Brokerage License No Longer Attractive?

Why is AVIC Capital Group continuously withdrawing from the insurance business, and how is this related to the policies of the State-owned Assets Supervision and Administration Commission?

On March 18, the International Finance News reporter noted that the transfer of 100% equity of Shanghai Jingxi Insurance Brokerage Co., Ltd. (hereinafter referred to as “Jingxi Insurance Brokerage”) is currently being pre-disclosed on the Beijing Equity Exchange, with the pre-disclosure ending on April 2.

Looking back, the transferor of this equity is AVIC Investment Holding Co., Ltd. (hereinafter referred to as “AVIC Capital”). As a subsidiary of China Aviation Industry Corporation (hereinafter “AVIC Group”), it currently holds all shares of Jingxi Insurance Brokerage.

This is not AVIC Capital’s first attempt to withdraw from the insurance industry. As early as September 2023, the company tried to exit China Aviation Anmeng Property & Casualty Insurance Co., Ltd. (hereinafter “AVIC Anmeng P&C Insurance”) and successfully transferred it to Sichuan State-owned Assets.

Continuous divestment from insurance businesses

Public information shows that Jingxi Insurance Brokerage was established in November 2008 with a registered capital of 50 million yuan, headquartered in Shanghai.

The company’s business scope includes: selecting insurers, drafting insurance plans, and handling insurance procedures for policyholders across the country (excluding Hong Kong, Macau, and Taiwan); providing disaster prevention, loss prevention, risk assessment, and risk management consulting for entrusted clients; assisting insured persons or beneficiaries with claims and other follow-up services.

In November 2020, AVIC Capital completed its subscribed capital contribution to Jingxi Insurance Brokerage. Since then, the company has been branded with a clear “aviation” label. The company’s official website states: “The only insurance brokerage platform under the aviation industry, serving the aviation sector and aviation personnel.”

On February 5, 2026, Jingxi Insurance Brokerage held its 2026 work conference. The meeting emphasized that 2026 is a critical year for major strategic adjustments and transformation development. Facing current changes, the company needs to consolidate fundamentals, innovate, cut costs, deepen specialization in the aviation insurance niche, build professional特色, and continuously enhance market competitiveness and industry influence, thereby gaining time and space for future transformation and sustainable development.

In terms of performance, in 2025, Jingxi Insurance Brokerage achieved operating revenue of 17.626 million yuan, operating profit of 7.7075 million yuan, net profit of 5.7387 million yuan, and total assets of 60.9644 million yuan.

In the first two months of 2026, Jingxi Insurance Brokerage achieved operating revenue of 2.1169 million yuan, operating profit of 490,000 yuan, and net profit of 370,500 yuan. As of the end of February 2026, total assets were 59.9434 million yuan.

In fact, China Aviation Industry Corporation once actively expanded into the insurance industry.

In 2010, China Aviation Industry Group reached an agreement with France’s Allianz Group to jointly establish an insurance company. In 2012, Allianz Insurance (China) Co., Ltd. was renamed China Aviation Allianz Property & Casualty Insurance, with Chinese and French shareholders each holding 50%.

In May 2021, China Aviation Industry Group transferred its 50% stake in China Aviation Allianz Property & Casualty Insurance to AVIC Capital for 703 million yuan. By the end of that year, AVIC Capital and Allianz Group received approval to invest 150 million yuan each to increase capital in China Aviation Allianz Property & Casualty Insurance. After the capital increase, the registered capital rose from 1.1 billion yuan to 1.4 billion yuan, with unchanged shareholding ratios.

However, less than two years later, in September 2023, AVIC Capital listed its 50% stake in China Aviation Allianz Property & Casualty Insurance for transfer on the Beijing Equity Exchange, with a minimum price of 885 million yuan.

In response, China Aviation Allianz Property & Casualty Insurance stated that the shareholders aimed to optimize the financial business structure and focus on serving the main aviation industry. The public listing of its shares was also intended to find a more suitable business direction and create effective synergy with shareholders.

Just two months after listing, Sichuan Shudao Investment Group Co., Ltd., a state-owned enterprise, acquired the stake through bidding. After the “AVIC system” shareholder exited, the “AVIC” name was removed from China Aviation Allianz Property & Casualty Insurance. In January 2024, the company was renamed “Anmeng Property & Casualty Insurance Co., Ltd.”

Seller clears inventory, buyer struggles to find

From China Aviation Allianz Property & Casualty Insurance to Jingxi Insurance Brokerage, it is clear that China Aviation Industry Group is accelerating its withdrawal from the insurance sector. This is not an isolated case but reflects a broader industry trend.

In June 2023, the State-owned Assets Supervision and Administration Commission issued the “Interim Measures for the Management of State-owned Enterprises’ Equity Participation,” requiring “focusing on main responsibilities and strictly controlling non-core investments.”

In June 2024, the SASAC reiterated that central enterprises generally should not establish, acquire, or participate in new financial institutions, especially those with limited contribution to main business and high risk spillover.

Subsequently, many central and state-owned enterprises began to “clear out” their insurance holdings. However, market reactions show that most of these equities have struggled to find buyers.

For example, starting in November 2024, China Telecom’s Tianyi Payment Technology Co., Ltd. repeatedly listed for sale its 100% stake in Orange Insurance Agency Co., Ltd., with the minimum price dropping from 77.7 million yuan to 69.93 million yuan, but no buyers emerged.

In November 2025, Orange Insurance Agency announced that due to strategic adjustments, it would cease insurance agency operations on December 1, 2025, and stop selling new policies; the company also announced its dissolution and initiated deregistration procedures.

In the market for equity auctions, insurance licenses also face cold reception, with some even starting at “1 yuan.” In March 2025, the 100% stake in Kaihang Tianxia Insurance Brokerage Co., Ltd. was auctioned for the 10th time, with starting price dropping from 50 million yuan to just 1 yuan, and finally sold for only 71,000 yuan.

An industry insider told reporters that in 2016-2017, national insurance brokerage licenses were highly sought after, with multiple buyers competing, and transaction prices reaching several million yuan.

Regarding the reasons behind the price collapse, Yang Fan, general manager of Beijing PaiPaiWang Insurance Agency Co., Ltd., explained that it is related to market environment, increased industry competition, and tighter regulatory policies. The insurance intermediary industry is undergoing structural adjustments and upgrades, and weaker companies are facing淘汰.

To build core competitiveness, Fu Yifu, a researcher at Su Commercial Bank, suggested focusing on four areas: first, establishing compliance bottom lines and full-process risk control systems; second, strengthening professional capabilities, focusing on niche areas, providing customized risk solutions and claims services to build trust; third, accelerating digital transformation using technology to optimize customer acquisition, underwriting, and claims processes, reducing costs and increasing efficiency; fourth, deepening cooperation with insurance companies, integrating product and channel resources, and building differentiated service barriers to upgrade from sales intermediaries to comprehensive risk management service providers.

Reporter: Wang Ying

Text Editor: Yao Hui