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China Eastern inks mixed ownership reform deal with Ping An Insurance

09/28/2017| 3:42:51 PM|

China Eastern and Ping An Insurance have signed a strategic agreement to work in fields including business travel services, insurance, property and mixed ownership reform, official sources said.

The cooperation between the world's seventh largest airline China Eastern and 39th rated Fortune 500 company Ping An Insurance is aimed at quality sustainable development in the industrial chain, value chain and service chain with the support of each other's comprehensive strengths, according to the announcement filed to the State-owned Assets Supervision and Administration Commission dated on Monday.

The two parties will also explore opportunities in areas including customer resources, marketing, new technologies including a cloud eco-system, financial credit and payment, real estate, operation and customer service, according to the notice.

"The two parties will also actively promote cooperation among their affiliated companies," added the report.

Sheng Ruisheng, the board secretary of Ping An, told China Daily that, "We are currently studying the possibilities of a mixed ownership reform", without specifying the development.

"The two parties come from aviation and insurance, which are two completely different industries, so their cooperation is targeting China's consumption upgrade, amid which they can benefit from the surging demand for traveling service and financial service," said Li Lei, an industrial analyst at Minzu Securities.

Being one of the nation's first batch of six State-owned corporations to launch a mixed ownership trial, China Eastern announced in June that it would step up efforts in diversifying holdings by selling a 55 percent stake in its freight arm Eastern Air Logistics Co. to four investors as well as its employees.

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TAGS: China Eastern | Ping An
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