HuaGui Life Insurance Chairman Liu Gang is set to take on a new position. On April 21, the Guizhou Provincial Government issued a notice stating that it has recommended Liu Gang as a candidate for director, vice chairman, and general manager of Guizhou Qiansheng State-owned Assets Operation Co., Ltd. (Qiansheng SASAC). The government also suggested that he step down from his role as chief accountant of China Kweichow Moutai Distillery (Group) Co., Ltd. (Moutai Group).
Born in April 1970, Liu Gang currently serves as a member of the Party Committee, chief accountant, and board secretary of Moutai Group. He also holds the positions of Party Committee secretary and chairman of HuaGui Life Insurance Co., Ltd. (HuaGui Life). Previously, he held various roles including deputy president of China Construction Bank (CCB) Qiannan Prefecture Branch, deputy general manager of CCB Guizhou Branch's International Business Department, Party branch secretary and president of CCB Guiyang Hebin Sub-branch, Party Committee secretary and president of CCB Anshun City Branch, general manager of planning and finance, financial management, and capital planning departments at Bank of Guizhou, assistant president of Bank of Guizhou, and vice president, financial director, and board secretary of Kweichow Moutai Co.,Ltd. (600519.SH).
Qiansheng SASAC, where Liu Gang is set to take up his new role, was designated as a pilot enterprise for state-owned capital operations by the Guizhou Provincial SASAC as early as 2016 and reported to the State Council's SASAC for record-keeping. In 2019, its main business was officially confirmed by the Guizhou Provincial SASAC as "state-owned capital operation and management."
Notably, Qiansheng SASAC is also the second-largest shareholder of HuaGui Life, holding a 14.66% stake.
In December 2025, the Guizhou Financial Regulatory Authority approved an increase in HuaGui Life's registered capital from 2 billion yuan to 2.615 billion yuan. Only the company's largest shareholder, Moutai Group, participated in this capital increase. Following the injection, Moutai Group's stake in HuaGui Life rose from 33.33% to 49.01%, exceeding the regulatory cap for single-shareholder ownership.
According to the "Measures for the Administration of Insurance Company Equity," no single shareholder may hold more than one-third of an insurance company's registered capital. However, exemptions apply if approved by the State Council's insurance regulatory authority for participation in risk resolution or equity transfer to designated entities. This means that although Moutai Group's stake exceeds the usual cap, the capital increase has received regulatory approval.
Previously, HuaGui Life had disclosed a larger capital-raising plan. Before this round, the company had published capital increase projects on the Guizhou Sunshine Property Rights Exchange and Beijing Property Rights Exchange in December 2024 and January 2025, respectively.
According to the disclosures, HuaGui Life aimed to raise 2.5 billion to 4.5 billion yuan, planning to introduce up to 20 investors whose combined stake would account for 20% to 40% of the total. The final outcome was subject to investor participation and regulatory approval. The announcement also noted that existing shareholders intended to participate in the capital increase, following requirements set by their superior authorities or internal management. Post-increase, the registered capital was projected to reach 4.5 billion to 6.5 billion yuan.
HuaGui Life, established in December 2017, is the first local insurance corporate entity in Guizhou Province. In recent years, it has undergone several equity changes. At one point, Guizhou Financial Holding Group Co., Ltd. (Guizhou Guimin Investment Group Co., Ltd.) held a larger stake than Moutai Group. However, after Moutai Group participated in capital increases, its stake rose to 33.33% and further increased to 49.01% following the latest injection at the end of 2025.
Currently, the actual controller of HuaGui Life is the Guizhou Provincial SASAC. The company has 12 shareholders, with those holding more than 5% including: Moutai Group (49.01%), Qiansheng SASAC (14.66%), Guizhou Financial Holding Group (8.03%), Huakang Insurance Agency Co., Ltd. (5.74%), and Shenzhen Jiaxin Brilliant Investment Co., Ltd. (5.74%).
In 2025, HuaGui Life reported insurance revenue of 4.855 billion yuan and a net profit of 240 million yuan, achieving a turnaround to profitability. Since its establishment, the company has only been profitable in 2021 and 2025, with losses recorded in all other years.
Following Moutai Group's sole capital injection, HuaGui Life's solvency indicators improved. As of the end of last year, the company's core solvency adequacy ratio and comprehensive solvency adequacy ratio stood at 142.24% and 158.16%, respectively. Its two most recent comprehensive risk ratings were both Class B.
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