Acquisition of Hong Kong Dah Sing Life by Tahoe Investment Group
Developing a Strategic Integrated Financial Industry Chain
Hong Kong as a Stepping Stone to the Wider World
Ms. Paula Wai-Yee Choi is appointed Chief Executive Officer of Dah Sing Life
(19th June, 2017) Tahoe Investment Group Co., Ltd. (Tahoe Investment) announced today it has completed the acquisition of Dah Sing Life Assurance Company Limited and Dah Sing Insurance Services Limited (collectively Dah Sing Life). Under the agreement, the acquisition of Dah Sing Life and Macau Life Insurance Company Limited (Macau Life), as well as the bancassurance agreements for exclusive 15-year bancassurance partnerships with Dah Sing Bank and Banco Comercial de Macau, S.A. (BCM), are for HK$ 10.6 billion. Completion of the acquisition of Macau Life and distribution arrangement with Banco Comercial de Macau, S.A. (BCM) are expected to take place after regulatory approval in Macau authority in the near term. The signing ceremony was held today in the presence of Mr. Huang Qisen, the Chairman of Tahoe Investment Group Co., Limited and Mr. Harold Wong, Vice Chairman of Dah Sing Bank, Limited.
Tahoe Investment expands to include high-end life insurance following acquisition of Dah Sing Life
Commenting on the completion of the acquisition, Mr. Huang Qisen, the Chairman of Tahoe Investment Group Co., Limited, said, “Tahoe Investment promotes people-oriented programmes and scrupulously abides by our core values to make charity and corporate social responsibility an integral part of our business operations. With the mission to serve and care for customers for life by embracing the spirit of craftsmanship, Tahoe Investment is devoted to developing and investing in financial services, real estate, medical services, healthcare, culture and education. As a comprehensive investment group, we focus on financial services, healthcare and real estate, making steady progress in each sector to build on ‘A Century of Heritage’. Through this acquisition, Tahoe Investment further improves its foundation in the financial services sector and also makes important progress in global layouts and consolidates its development strategy to become an enhanced integrated investment group. Building on the principles of Dah Sing Life, Tahoe Investment will offer exceptional value for its customers, shareholders and society as a whole.”
Dah Sing Life, as a wholly-owned subsidiary of Tahoe Investment, is fiscally important for the business. As a comprehensive insurance company, Dah Sing Life will maintain its services after the acquisition to provide diverse and premium products, including life insurance services, savings protection plans, health and medical protection plans and investment-linked assurance schemes. This acquisition marks an important milestone for Tahoe Investment Group. Through this acquisition, Tahoe expands its business internationally from Hong Kong and Macau by carrying its corporate mission – “to serve and care for customers for life” – with the objective of becoming a leading company in the insurance industry.
Tahoe Appoints Ms. Paula Wai-Yee Choi as CEO to lead Dah Sing Life’s Strategic Development
In order to optimise Dah Sing Life’s management structure, Tahoe Investment announced today the appointment of Ms. Paula Wai-Yee Choi, who has previously held key positions in major multinational insurance companies. As CEO of Dah Sing Life, Ms. Paula Wai-Yee Choi will be in charge of Dah Sing Life's insurance operations in Hong Kong, facilitating Tahoe Investment and leading Dah Sing Life’s management team to build an international brand by developing high quality products and services.
Commenting on the appointment of Ms. Paula Wai-Yee Choi, Mr. Huang Qisen said, “Ms. Paula Wai-Yee Choi possesses over 30 years’ experience in the insurance industry and developed a profound understanding of insurance markets in Hong Kong and the Asia-Pacific region. Paula’s appointment would definitely benefit both Tahoe Investment and Dah Sing Life as well as their clients. Tahoe Investment is committed to delivering high quality products and services to our customers across different fields. We look forward to working together with Ms. Paula Wai-Yee Choi and her team to become an industry leader. Meanwhile, we hope to promote our core ethos of putting people-first, innovation and honesty and integrity to Hong Kong.”
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About Tahoe Investment Group Co., Ltd.
Tahoe Investment Group Co., Ltd. (Tahoe Investment), was founded in 1993 by Mr. Huang Qisen. It is a leading conglomerate with investments in financial services, real estate, medical services, healthcare, culture and education. To date it has equity holdings in two listed companies and equity participation in one listed company with total assets over RMB 130 billion. The total assets held and/or managed by Tahoe reached RMB 233 billion.
Tahoe Investment covers a wide range of financial businesses including banking, insurance, securities and third-party payments. It is one of the founding shareholders of Haixia Life Insurance Company Limited and a major shareholder of Fujian Haixia Bank Company Limited, Rural Credit Bank of Fuzhou and Dongxing Securities Company Limited. In the healthcare segment, Tahoe Investment completed its acquisition of Fujian Huitian Bio-Pharmacy Co., Ltd. and Alliance HealthCare Services Inc. (NASDAQ: AIQ), a US-based provider of outsourced radiology, oncology and other healthcare services. Tahoe Investment has equity holdings in a listed company in mainland China – Tahoe Group Co. Ltd. (Shenzhen: 000732) – which focuses on real estate. Tahoe Group founded Tahoe Cinema and has built the first super audio-visual five-star cinema in China to actively develop its cultural endeavours.
This press release is distributed by Strategic Public Relations Group (SPRG) on behalf of Tahoe Investment Group Co., Ltd. For media enquiries and more information, please contact:
Strategic Public Relations Group (SPRG)
Terence Lo
Tel: (852) 2114 4985
Fax: (852) 2114 0880
E-mail: terence.lo@sprg.com.hk
Veronica Li
Tel: (852) 2114 4945
Fax: (852) 2114 0880
E-mail: veronica.li@sprg.com.hk
