Wu Chuanming has been appointed as the Chairman of the Third Board of Directors of Guofu Life Insurance Co., Ltd. (Guofu Life). His term will last from the date of appointment until the end of the current board's tenure. Notably, this marks the fourth chairman appointment for the insurer in its eight-year history, indicating frequent leadership changes.
The company's recent shareholder meetings have seen several votes against proposed resolutions, including those related to capital increases and executive compensation. For instance, at the first interim shareholders' meeting in 2026 held in January, the compensation proposal for Wu Chuanming, who has now been appointed chairman, received opposition votes representing 7.23% of the shares voted. This opposition is suspected to be linked to the company's sixth-largest shareholder.
Wu Chuanming is a veteran of the company with a regulatory background and ties to its major shareholder. Born in 1978, he previously held positions at the Guangxi Postal Savings and Remittance Bureau and later served in various roles at the former China Insurance Regulatory Commission's Nanning Special Commissioner's Office and the former CIRC Guangxi Office. After leaving the regulatory sector, he joined Guangxi Investment Group Financial Holding Co., Ltd., a subsidiary of Guangxi Investment Group Co., Ltd. (GIG), which is a founding and the largest shareholder of Guofu Life.
Wu Chuanming joined Guofu Life in 2018, serving in roles including Company Director, Assistant General Manager, Compliance Officer, Board Secretary, Chief Information Officer, and Deputy Party Secretary. In August 2025, he became a director of Guofu Life and began acting as chairman; his formal appointment as chairman followed in March 2026.
Guofu Life was established in June 2018 and is headquartered in Nanning, representing Guangxi's first nationwide life insurance corporate entity. Since its inception, the position of chairman has changed frequently. The first chairman, Cui Weiwei, served for less than two years; the second, Tang Xianli, served for approximately three years; and the third, Wang Haihe, also served for less than two years. All four chairmen have had backgrounds connected to GIG, the largest shareholder.
From a shareholding perspective, GIG is the largest shareholder with a 31.77% stake. Vipshop Information Technology Co., Ltd. (Vipshop) holds 24.32%, making it the second-largest shareholder. Hubei Sanxia Huaxiang Group Co., Ltd. follows with a 13.53% stake, ranking third. Other major shareholders include Beijing Centergate Technologies (Holding) Co., Ltd. (9.35%), Guangxi Daily Media Group Co., Ltd. (7.79%), Shanghai Hengda Building Materials Market Management Co., Ltd. (7.01%), and Guangxi Mingdu Ecological Technology Development Co., Ltd. (6.23%).
At the end of last year, the Guangxi Local Financial Regulatory Authority approved an increase in Guofu Life's registered capital from 1.926 billion yuan to 2.047 billion yuan. As of now, the company has not completed the relevant registration changes for this capital increase.
According to the capital increase plan, the price per share was set at 1.18 yuan, involving an increase of approximately 50.8475 million shares. Existing shareholder Vipshop and new shareholder Guangxi Investment Group Financial Holding participated in the capital raise. Following the approval, Vipshop's stake increased to 25.37%, Guangxi Investment Group Financial Holding acquired a 3.44% stake, and the holdings of other shareholders were proportionally diluted.
In recent years, disagreements have frequently emerged at Guofu Life's shareholder meetings. According to incomplete statistics, from the fourth interim shareholders' meeting in 2024 to the second interim shareholders' meeting in 2026, a total of 9 meetings saw resolutions not passed unanimously, involving 23 proposals. A recurring number of opposing votes, 135 million shares, closely matches the shareholding quantity of the sixth-largest shareholder, Shanghai Hengda Building Materials.
Among the opposed resolutions were those related to capital increases. Furthermore, at the first interim shareholders' meeting in January 2026, the compensation proposal for the newly appointed Chairman Wu Chuanming also received 135 million opposing votes, representing 7.23% of the votes cast.
According to Guofu Life's solvency report for the fourth quarter of 2025, among its directors, supervisors, and senior management, five individuals received remuneration between 1 million and 5 million yuan, two received between 500,000 and 1 million yuan, and thirteen received less than 500,000 yuan. The highest actual annual compensation paid by the company in 2025 was 2.39 million yuan.
Additionally, during the third interim shareholders' meeting in 2025, which elected members to the Third Board of Directors, Wu Chuanming and Zhong Wei were elected with 1.611 billion affirmative votes, representing 92.27% of the total valid votes cast (1.746 billion shares, non-cumulative). Qi Weirong, who is a supervisor at Shanghai Hengda Building Materials, received only 270 million affirmative votes (15.47%) and was not elected.
Financially, from 2022 to 2025, Guofu Life's insurance business revenue was 2.956 billion yuan, 3.068 billion yuan, 3.764 billion yuan, and 4.562 billion yuan, respectively. Its net profit figures for the same period were -280 million yuan, -225 million yuan, 159 million yuan, and 334 million yuan. As of the end of the fourth quarter of 2025, the company's core solvency adequacy ratio was 85.04%, and its comprehensive solvency adequacy ratio was 170.07%.
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