FinancialSincerity and Reliability for Co-prosperity
Tahoe Investment Group’s business fields in the financial sector are mainly banking, insurance, securities, third-party payment, etc. By 2015, the total assets held and/or managed by Tahoe reached RMB 233 billion (37 billion US dollars).
In 2010, Tahoe Investment Group had strategic investment in Fujian Haixia Bank, Rural Credit Bank of Fuzhou and Dongxing Securities. As of 2015, Tahoe Investment Group continues to increase its investment in financial distribution and sets aside RMB 2.5 billion with Tahoe Group, its holding subsidiary, to set up Pingtan Financial Holding Company.
Tahoe Group, Tahoe Investment Group's holding company also participated in the launch of establishing Haixia Life Insurance Co. Ltd. and purchased a full control of Fujian Yikatong Co. Ltd. In addition, Tahoe Investment Group is also intended to acquire Hong Kong Dah Sing Life with HK $ 10.6 billion.
Banks
So far, Tahoe Investment Group has held strategic investment in the two banks, Fujian Haixia Bank and Rural Credit Bank of Fuzhou.
Fujian Haixia Bank
It was founded in 1996, formerly known as Fuzhou City Cooperative Bank. By the end of December 2015, the assets of Haixia Bank totaled over RMB 130 billion, the deposit balance more than RMB 77 billion and the loan balance over RMB 53 billion. Fujian Haixia Bank currently has 72 branches, achieving full coverage throughout the cities of Fujian Province and expanding to Zhejiang Province, with the establishment of financial business R & D center in Shanghai. In 2015, the market position and brand image of Fujian Haixia Bank had increased steadily, ranking the top 50 city commercial banks in China (ranked 47th in "The Banker" China's magazine).
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Rural Credit Bank of Fuzhou
It was founded in 1951, formerly known as Fuzhou City Rural Credit Cooperatives with 65 years of history, thus regarded as one of the oldest financial institutions in Fuzhou. On January 11, 2011, Rural Credit Bank of Fuzhou completed the shareholding system reform and renewed itself with the market positioning of "connecting urban and rural areas, supporting villages, agriculture and farmers, assisting enterprises and being committed to people's livelihood". As of the end of 2015, Rural Credit Bank of Fuzhou had total assets of RMB 30.89 billion, the deposit balance of RMB 23.832 billion and the loan balance of RMB 16.21 billion.
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Insurance
Tahoe Investment Group and its holding company strategic investment in two insurance companies, including Dah Sing Life and Haixia Life Insurance.
Dah Sing Life
In June 2016, Tahoe Investment Group signed an agreement with Dah Sing Financial Group Co., Ltd. For acquiring Dah Sing Financial's Life Insurance with HK$ 10.6 billion in cash, and executed a 15-year exclusive silver Security agreement with its Dah Sing Bank and Macau Commercial Bank.
Dah Sing Life includes Dah Sing Life Insurance Company Limited, Dah Sing Insurance Services Company Limited and Macau Life Insurance Company Limited. In 2015, Dah Sing Life Assurance achieves legal net profit of HK$ 134 million, the total premium of HK$ 1.8 billion. Up to December 31, 2015, its total shareholders’ equity is HK$ 1.4 billion. Macao Life Insurance sells its individual insurances on the net through branches of Macao Commercial Bank. In 2015, Macao Life Insurance achieves legal net profit of MOP 25 million, the total premium of MOP 64 million.
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Haixia Life Insurance
In May 2015, 11 well-known enterprises in Fujian including Tahoe Group, one of the holding companies under Tahoe Investment Group, jointly initiated Foresea Life Insurance Co., Ltd. With a total investment of RMB 150 million, Tahoe Group’ contribution accounts for 10% of the registered capital of Foresea Life Insurance Company. Foresea Life Insurance Company’ registered capital is RMB 1.5 billion with the total share capital of 1.5 billion and the par value of RMB 1. Foresea Life Insurance Company boasts the first Life Insurance institution in Fujian with first-level legal person (except for those in Xiamen).
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Securities
Tahoe Investment Group has held strategic investment in a securities company, namely, Dongxing Securities.
Dongxing Securities
Tahoe Investment Group Strategically invested Dongxing Securities in 2010. Established by China Orient Asset Management Co., Ltd. and other companies upon the approval of Ministry of Finance and China Securities Regulatory Commission in 2008, Dongxing Securities Co., Ltd (stock code: 601198), a national security company with comprehensive businesses, is listed on the Shanghai Stock Exchange on February 26, 2015 and from then on, it becomes the first listed company within China that focuses on asset management. Headquartered in Baijing, Dongxing Securities has the registered capital of 2.504 billion and has, so far, established 72 branches and security sales departments. In 2015, Dongxing Securities is awarded “AA Class Security Company” based on the fact that its return on equity (ROE) in recent years has exceeded 10%.
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Financial Holding
So far, Tahoe Investment Group and its holding company, Tahoe Group has established a financial holding company, that is, Tahoe Financial Holding (Pingtan) Group Co., Ltd.
Financial Holding (Pingtan)
In May 28, 2015, Tahoe Group, the holding company under Tahoe Investment Group, set up the Tahoe Financial Holding (Pingtan) Group Co., Ltd in Pingtan districe of China (Fujian) Pilot Free Trade Zone with the investment of RMB 1 billion in cash. Tahoe Investment Group holds 20% of the total share. Tahoe Financial Holding Company will focus its attention on investment in finance and finance-similar industries, while actively grasping the development opportunity in asset management and equity investment industries, forming its own internet financial holding platform and seeking new market opportunities and growth point in investment income through reasonable investment or the buyout of Internet Plus financial equity.
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Third-party payment
Tahoe Group Co., Ltd, Tahoe Investment Group's holding company has a third-party payment company, namely, Fujian Yikatong Co., Ltd
Fujian Yikatong Co., Ltd
It is a third-party payment company incorporated in July, 2010 with the registered capital of 50 million. On January 18, 2016, Fuzhou Zhongwei Industrial Co., Ltd, the subsidiary of Tahoe Group Co. Ltd, a holding company of Tahoe Investment Group, purchased with RMB 38 million 100% of shares owned by Fujian Yikatong Network Co., Ltd under Fujian Wanweb Intelligence Technology Co., Ltd. This acquisition enables Tahoe Investment Group to enter into the third party payment field so that industry and business convergence can be achieved between Tahoe Investment Group and Fujian Yikatong Co., Ltd. After the acquisition, the business scope of Fujian Yikatong Co., Ltd will be extended to the payment service of Tahoe Plaza, hotels and property services. In the meanwhile, the company will further the development of application of Yikatong in urban information services, completing the the company’s industrial chain of real estate-financial service.
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