DiDi(US:DIDIY) Jin Rong Jie·2025-04-03 03:46Core Viewpoint - Modern Property Insurance (China) Co., Ltd. is facing significant legal challenges, with a notable increase in lawsuits and ongoing financial losses despite rising insurance revenue. Group 1: Legal Issues - On April 1, 2025, a civil case regarding a liability insurance contract dispute involving a party named Jing and Modern Property Insurance was heard in Yutian County People's Court [1] - Since 2025, Modern Property Insurance has been involved in 25 lawsuits, surpassing more than half of the total 48 cases from the previous year, primarily related to traffic accident liability disputes and insurance contract disputes across various provinces [2][3] - In February 2025, the company was ordered to execute a payment of 539,300 yuan as part of a court ruling [3] Group 2: Financial Performance - Modern Property Insurance has shown steady growth in insurance revenue from 2020 to 2024, with revenues of 228 million yuan, 536 million yuan, 671 million yuan, 798 million yuan, and 1.073 billion yuan respectively [7] - Despite the increase in revenue, the company has faced continuous net losses from 2021 to 2024, totaling over 470 million yuan, with losses of 142 million yuan, 61 million yuan, 107 million yuan, and 163 million yuan in those years [8] - In the fourth quarter of 2024, the company reported a net loss of 79.21 million yuan, which accounted for nearly half of the total annual loss [10] Group 3: Corporate Structure and Management - Modern Property Insurance was established in 2007 and is primarily owned by five shareholders, including the Korean parent company, Lenovo Holdings, and a subsidiary of Didi Chuxing [3][4] - Zhao Yongyi served as the chairman from 2010 until his resignation in March 2025 due to personal reasons [4] - The company underwent a significant change in its ownership structure in 2020, transitioning from a wholly foreign-owned enterprise to a joint venture [7]