Core Viewpoint - The appointment of Li Shihong as the first female chairman of Guobao Life Insurance marks a significant leadership change for the company, which is also undergoing a restructuring of its shareholder base [1][3][5]. Leadership Changes - Li Shihong, born in May 1973 and a member of the Communist Party, has been approved as the chairman and director of Guobao Life Insurance, making her the fourth chairman in the company's history [1][3]. - Prior to this role, Li served as a member of the Party Leadership Group and Deputy Director of the Sichuan Provincial Finance Department [3]. - The previous chairman, Zhang Xi, was removed from his position in May 2023 and has since taken on a role at the Sichuan Industrial Revitalization Fund Investment Group [5]. Shareholder Structure - Guobao Life Insurance, established in April 2018 with a registered capital of 1.98 billion yuan, is undergoing a change in its shareholder structure, with the sixth and seventh largest shareholders being replaced [6][7]. - The new sixth largest shareholder is Zhejiang Hengjia Holdings Co., Ltd., which acquired 180 million shares (9.09% stake), while the seventh largest shareholder is Meishan Hongyu, which acquired 150 million shares (7.576% stake) [6][7]. Financial Performance - In 2024, Guobao Life Insurance reported insurance business revenue of 3.843 billion yuan, a nearly 60% year-on-year increase, and achieved a net profit of 12 million yuan, marking a turnaround from previous losses [8]. - For the first quarter of 2025, the company reported insurance business revenue of 1.318 billion yuan but a net loss of 29 million yuan [8]. - The investment return rate and comprehensive investment return rate were recorded at 0.73% and 0.54%, respectively, with solvency ratios of 155.51% and 201.30% [8].

Core Viewpoint - The auction of the 20% stake in Qianhai Insurance, held by Jushenghua, has been suspended due to an objection raised by a third party against the court's execution actions [1][2]. Group 1: Auction Details - The auction was originally scheduled for July 21, with a starting price of ¥30.8 million and an assessed value of ¥44 million, representing a 30% discount [2]. - The auction is linked to a debt recovery claim of ¥2.025 billion by Zhongrong Life against the "Baoneng system," of which Jushenghua is a member [2]. Group 2: Company Background - Qianhai Insurance is a national property insurance company established in May 2016, with a registered capital of ¥1 billion, located in Urumqi, Xinjiang, and operating in Shenzhen [3]. - The company has experienced frequent personnel changes over the past decade, having had four chairpersons and numerous changes in core executives [3]. Group 3: Executive Changes - In January, the Shenzhen Financial Regulatory Bureau approved the appointment of Huo Jianmei as chairperson, who has extensive experience in the insurance sector [3]. - Following the departure of General Manager Li Gongni in June for personal reasons, the only remaining executive vice president, Li Weiwei, also left the company shortly thereafter [4]. - Currently, the executive team consists of only three members, indicating a significant reduction from previous years when the team had up to ten members [4]. Group 4: Financial Performance - Qianhai Insurance's insurance business revenue declined by 12.23% year-on-year in Q1 2025, with a comprehensive cost ratio of 201.56% [4]. - The core and comprehensive solvency adequacy ratios have dropped to 104.67%, with the comprehensive solvency nearing regulatory limits [4]. - The company's risk comprehensive rating remains at C, having failed to meet solvency standards for 12 consecutive quarters [4][6]. Group 5: Challenges Ahead - Huo Jianmei and Qianhai Insurance face multiple challenges, including executive turnover, frozen equity, insufficient solvency, losses, high comprehensive cost ratios, and legal disputes [6].