Guofu Life Insurance Co., Ltd. has launched another round of capital expansion, signaling a further increase in the shareholding of its Guangxi state-owned investors. On September 4, the company, also known as Guofu Life, disclosed a notice regarding changes to its registered capital, revealing plans to issue 450 million new shares at RMB 1.20 per share, amounting to a total capital increase of RMB 540 million. Upon completion, the company's registered capital is set to rise from RMB 2.047 billion to RMB 2.497 billion. All participating investors are existing shareholders, with Guangzhou Vipshop Information Technology Co., Ltd. (Vipshop) subscribing to 50 million shares for RMB 60 million and Guangxi Investment Group Financial Holdings Co., Ltd. (Guangtou Financial Holdings) purchasing 400 million shares for RMB 480 million. The capital change is pending approval from the National Financial Regulatory Administration's Guangxi office before taking effect.
If the injection receives the green light, Guangtou Financial Holdings' stake in Guofu Life will surge from 70.339 million shares to 470 million shares, lifting its ownership from 3.44% to 18.84% and making it the third-largest shareholder. Vipshop's holdings will grow from 519 million shares to 569 million shares, although its percentage will drop from 25.37% to 22.80% due to dilution. As it is not participating in this round, Guangxi Investment Group Co., Ltd. (Guangtou Group), the largest shareholder, will see its stake reduced from 29.89% to 24.50%, yet it will retain its position as the top investor. Guangtou Group and Guangtou Financial Holdings are affiliated entities, with the former being the latter's ultimate controller. Combined, their ownership in Guofu Life is projected to climb from 33.33% to 43.34% following the completion of this capital increase. Additionally, Guangxi Daily Media Group Co., Ltd., another Guangxi state-owned shareholder, will have its stake trimmed from 7.33% to 6.01% as a result of the dilution.
Since its inception, Guofu Life has repeatedly adjusted its ownership structure through capital injections and share transfers, with Guangxi state-owned entities consistently raising their stakes. According to the company's official profile, Guofu Life, established in June 2018, is the sole national life insurance legal entity headquartered in Guangxi. At its founding, the company had an initial registered capital of RMB 1.5 billion, supported by eight shareholders, with Guangtou Group holding 20% as the largest, Vipshop owning 16%, Jian'an New Year Enterprise Group Co., Ltd. (Jian'an New Year) taking 13%, and Hubei Three Gorges Huaxiang Group Co., Ltd. and Beijing Zhongxinli Investment Co., Ltd. each holding 12%. In 2021, Guofu Life completed its first capital hike, boosting registered capital from RMB 1.5 billion to RMB 1.926 billion.
In 2024, Guofu Life underwent a substantial ownership reshuffle when Jian'an New Year exited by transferring its entire 10.13% stake, with Guangtou Group acquiring 6.24% and Vipshop obtaining 3.89%. This transaction elevated Guangtou Group's share to 31.77% and Vipshop's to 24.32%, while removing Jian'an New Year from the shareholder roster. Subsequently, Guangxi state-owned investors continued to bolster their positions through further injections. In 2025, Guofu Life initiated a new fundraising round that introduced Guangtou Financial Holdings as a shareholder. By December 2025, the Guangxi financial regulator approved an increase in registered capital from RMB 1.926 billion to RMB 2.047 billion. Post-increase, Guangtou Group held 29.89%, Guangtou Financial Holdings owned 3.44%, for a combined 33.33%, while Vipshop maintained 25.37%.
Less than a year after the previous capital injection was authorized, Guofu Life is moving forward with this latest plan. Alongside these structural adjustments, the company also welcomed a new chairman this year. In March, Wu Chuanming was approved to assume the role of chairman at Guofu Life. Born in August 1978 and holding a master's degree in economics, Wu began his tenure as general manager assistant in November 2019, later serving as deputy party secretary and chief information officer. In August 2025, he was nominated by Guangtou Group, the largest shareholder, to join the board, eventually taking on the roles of party secretary and chairman. Prior to joining Guofu Life, Wu worked at the former China Insurance Regulatory Commission's Guangxi office, where he held various administrative positions, and later served as deputy general manager at Guangxi Investment Group Financial Holdings.
From an operational perspective, Guofu Life has achieved a turnaround in profitability over the past two years. The company posted net profits of RMB 159 million in 2024 and RMB 334 million in 2025. In the first half of 2026, Guofu Life generated original insurance premium income of RMB 4.317 billion and net profit of RMB 527 million. As of the end of June, its core solvency adequacy ratio and comprehensive solvency adequacy ratio stood at 141.13% and 206.51%, respectively, with its latest two risk composite ratings both reaching Class B.
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