Huang Qisen, Chairman of Tahoe Investment, said the HK$10.6 billion deal, including the acquisition of Hong Kong insurance arm and proposed acquisition of Macau insurance arm of Dah Sing Financial Holdings Ltd., is a step towards his ambitious international growth plan.
Chinese conglomerate Tahoe Investment Group Co., Ltd. (Tahoe Investment) announces that it has acquired the Hong Kong life insurance arm of Dah Sing Financial Holdings Ltd. and expects to take over the Macau life insurance business once it receives regulatory approval. The company believes the acquisition will create synergies with its multi-sector portfolio and solidify its foundation for overseas expansion.
“Tahoe Investment has equity holdings in two listed companies and equity participation in one listed company, with total assets valued at over RMB130 billion”
In the HK$10.6 billion deal, Tahoe Investment has acquired Dah Sing Life Assurance Co., Ltd. and Dah Sing Insurance Services Ltd., collectively branded under Dah Sing Life, from Dah Sing Financial Holdings Ltd. and signed the bancassurance agreements for exclusive 15-year bancassurance partnerships with Dah Sing Bank. Meanwhile, it is awaiting regulatory approval from the Macau authorities for the acquisition of Macau Life Insurance Co., Ltd. and the bancassurance agreements for exclusive 15-year bancassurance partnerships with Banco Comercial de Macau, S.A.
“The acquisition of Dah Sing Life marks a new milestone in our foray into a new territory for insurance. It creates significant synergies with our existing businesses in the real estate, healthcare, finance, culture, education and hospitality sectors, and paves the way for our overseas expansion,” said Huang Qisen, Chairman of Tahoe Investment.
“After more than three decades of development, China has become the world's second largest economy. Over the course of our history, we have always gone with the flow and capitalised on the many opportunities presented by China’s growth story.”
In the past, China’s extraordinary economic growth has been driven by manufacturing, exports and infrastructure. But in the next ten years, growth will be fuelled by domestic consumption, he noted.
Most of the company’s investments in China are geographically located in more than 20 cities across Yangtze River Delta (YRD), Beijing-Tianjin-Hebei and Pearl River Delta (PRD), which will remain as the key regions with strong growth in the foreseeable future.
In real estate, Tahoe Investment focuses on building boutique-style, high-end projects. Besides building quality and modern amenities, the company would ensure the architecture harmonises with the surroundings and community as a whole during the design and planning stage, he said.
“A lot of affluent families are already living in the apartments and houses we built. As they pursue a better quality of life, we have a range of products, from schooling to insurance and healthcare, which will allow us to look after their well- being for a lifetime. This is a testimony of our commitment to serving customers with a lifelong devotion.”
“Our diversified portfolio will also enable us to capture future growth opportunities and deliver additional value to shareholders.”
Dah Sing Life is now a wholly-owned subsidiary of Tahoe Investment and will continue to provide a comprehensive suite of insurance products, including life protection, savings, medical and investment-linked assurance schemes.
Paula Choi Wai-yee, an insurance industry veteran with over 30 years of experience, has been appointed as CEO of Dah Sing Life. She now leads and oversees Dah Sing Life’s operations and will continue to strengthen its brand equity.
Through this acquisition, Tahoe Investment can leverage the insurance business to strengthen its financial services and provide customers with comprehensive financial solutions.
Founded by Huang Qisen in 1993, Tahoe Investment has equity holdings in two listed companies and equity participation in one listed company, with total assets valued at over RMB130 billion. The aggregate value of all assets held and managed by the company has reached RMB233 billion.
“The acquisition of Dah Sing Life marks a new milestone in our foray into a new territory for insurance. It creates significant synergies with our existing businesses… and paves the way for our overseas expansion.”
Huang Qisen, Chairman of Tahoe Investment
“Life insurance in Hong Kong is an important step for Tahoe Investment going global.”
Paula Choi Wai-yee, CEO of Dah Sing Life
