Recently, a new partnership enterprise was established in Shanghai with notable shareholder backgrounds and substantial capital strength.
According to Tianyancha data, Shanghai Xingqi Hengtai Enterprise Management Partnership (Limited Partnership) ("Shanghai Xingqi") was established on December 12 with a registered capital of RMB 10.641 billion. Its business scope covers enterprise management and consulting. Shareholder information reveals that
From a shareholder perspective, Shanghai International Group is wholly owned by the Shanghai State-owned Assets Supervision and Administration Commission (SASAC), which also indirectly holds stakes in SPDB, CPIC Life, and Shanghai Ruijingheng. The ultimate controlling entity behind Shanghai Xingqi is the Shanghai SASAC.
Per Tianyancha, Shanghai Xingqi's operational period began on December 12, 2025, with no fixed expiration date. Its primary business location is Room 205, West Zone, 2nd Floor, No. 707 Zhangyang Road, China (Shanghai) Pilot Free Trade Zone. Notably, Shanghai Ruijingheng serves as the executive partner of Shanghai Xingqi.
Shanghai Ruijingheng was established on November 19, 2025, and is wholly owned by Shanghai Guosheng Capital Management Co., Ltd. The latter is held by multiple state-owned entities, including Shanghai Guosheng Group, Shanghai Shengpu Enterprise Management Partnership, China Insurance Investment Co., Ltd., Shanghai Urban Construction Group, and Shanghai International Group, all under the control of the Shanghai SASAC.
In terms of equity structure, SPDB holds a dominant 58.331% stake in Shanghai Xingqi, followed by Shanghai International Group (25.1292%) and CPIC Life (8.9841%).
Shanghai International Group, founded in April 2000 with a registered capital of RMB 30 billion, is fully owned by the Shanghai SASAC. Over 85% of its assets are financial, representing more than 60% of the municipal financial institutions' state-owned equity. Additionally, the group is the controlling shareholder of Guotai Junan Securities and Haitong Securities, a major shareholder in SPDB and Shanghai Rural Commercial Bank, and one of the top ten shareholders of CPIC.
Financial holding is one of Shanghai International Group's core businesses, with a focus on optimizing financial resource integration, improving management mechanisms, and accelerating the development of a financial holding group aligned with Shanghai's status as an international financial center.
The establishment of Shanghai Xingqi, backed by Shanghai state-owned capital and boasting a substantial registered capital of RMB 10.641 billion, is seen as significant in the industry.
In a related development, Fuzhou Life Insurance recently received approval to take over the insurance business, assets, and liabilities of Junkan Life Insurance, marking further progress in resolving risks associated with troubled insurers.
Fuzhou Life, with a registered capital of RMB 17 billion and headquartered in Jinan, Shandong, is controlled by Shandong state-owned capital. Its largest shareholder, Jinan Jintou Holding Group, is ultimately owned by the Jinan Municipal Finance Bureau.
The insurance protection fund, as the industry's last line of defense, remains central to risk resolution. Industry experts note that local state-owned capital across provinces is increasingly taking on the role of mitigating financial risks, broadening funding sources and implementation pathways for risk resolution.
While the specific purpose of Shanghai Xingqi's establishment remains unclear, its involvement in addressing troubled insurers may be a possibility, warranting further observation.
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