+Follow
Raywh
No personal profile
4
Follow
0
Followers
0
Topic
0
Badge
Posts
Hot
Raywh
2023-05-12
666
BYD acquires an insurance company for 3.6 billion yuan, what does Wang Chuanfu want to do?
Go to Tiger App to see more news
{"i18n":{"language":"en_US"},"userPageInfo":{"id":"3577156420184846","uuid":"3577156420184846","gmtCreate":1614062396133,"gmtModify":1614062396133,"name":"Raywh","pinyin":"raywh","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.laohu8.com/default-avatar.jpg","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":0,"headSize":4,"tweetSize":3,"questionSize":0,"limitLevel":999,"accountStatus":3,"level":{"id":0,"name":"","nameTw":"","represent":"","factor":"","iconColor":"","bgColor":""},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":2,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[],"userBadgeCount":0,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":1,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":656552335,"gmtCreate":1683826365129,"gmtModify":1683826477370,"author":{"id":"3577156420184846","authorId":"3577156420184846","name":"Raywh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577156420184846","authorIdStr":"3577156420184846"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/656552335","repostId":"1146260894","repostType":2,"repost":{"id":"1146260894","kind":"news","pubTimestamp":1683787822,"share":"https://ttm.financial/m/news/1146260894?lang=en_US&edition=fundamental","pubTime":"2023-05-11 14:50","market":"hk","language":"zh","title":"BYD acquires an insurance company for 3.6 billion yuan, what does Wang Chuanfu want to do?","url":"https://stock-news.laohu8.com/highlight/detail?id=1146260894","media":"BT财经","summary":"比亚迪用36亿元买了一家保险公司震惊业界。5月9日，据中国银保监会公告可知，比亚迪全资收购易安财险100%的股份，天眼查信息披露，比亚迪收购价约为36亿元。易安财险原来的各股东清空手中股票，不再持有任","content":"<p><html><head></head><body><strong><em><a href=\"https://laohu8.com/S/002594\">BYD</a>Buying an insurance company with 3.6 billion yuan shocked the industry.</em></strong><p style=\"text-align: justify;\">On May 9, according to an announcement from the China Banking and Insurance Regulatory Commission, BYD wholly acquired 100% of the shares of Yi'an Property & Casualty Insurance. Tianyancha information disclosed that BYD's purchase price was approximately 3.6 billion yuan. The original shareholders of Yi'an Property & Casualty Insurance emptied their shares and no longer held any shares. Since then, BYD has become the first Chinese-funded insurance company wholly owned by private shareholders in the insurance industry.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ca4e698bae4ba88f3f02165c5da4c9c4\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"1017\"/></p><p><p style=\"text-align: justify;\">Yi'an Property & Casualty Insurance, which was taken over in 2020, finally found a new owner after three years. However, BYD, which spent huge sums of money to acquire Yi'an Property & Casualty Insurance, experienced a decline in its stock price. At the close of trading on May 9, BYD's closing price was 250.11 yuan, a decrease of 1.54%. Compared with the high point of 288.82 yuan (February 9) during the year, the stock price dropped by 13.4%, and compared with the high point of 358.76 yuan in 2022, the drop reached 30.3%, and the market value evaporated by more than 300 billion yuan.</p><p><p style=\"text-align: justify;\">The market's concerns come from the fact that on July 15, 2022, Yi'an Property & Casualty Insurance entered the bankruptcy and reorganization procedure due to insolvency, and was burdened with huge debts. BYD's acquisition of Yi'an Property & Casualty Insurance is bound to eat these debts; In addition, the span between BYD and insurance business is too large, and insurance companies and 4S stores are in a game relationship. In the future, BYD may have the risk of mutual games between left and right hands. Why is BYD willing to take such a big risk to acquire Yian Property & Casualty Insurance?</p><p><strong>1. The fifth single shareholder insurance company</strong></p><p><p style=\"text-align: justify;\">One of the focuses of the market is that BYD holds 100% of Yi'an Property Insurance, which means that Yi'an Property Insurance has now changed from a multi-shareholder to a single shareholder of BYD.</p><p><p style=\"text-align: justify;\">The reason why this information point has attracted much attention is that in 2018, the former China Insurance Regulatory Commission issued the \"Measures for the Administration of Equity of Insurance Companies\", which clearly required the shareholder qualifications and shareholding ratios of Chinese-funded insurance companies. Among them, the shareholding ratio of a single shareholder cannot exceed one-third of the registered capital of the insurance company. In other words, a single shareholder can only hold up to 33.33% of the shares of the insurance company. The most recent example is<a href=\"https://laohu8.com/S/00175\">Geely Automobile</a>To invest in Hezhong Property & Casualty Insurance, the upper limit of its shareholding is 33.33%. Li Shufu also wanted to hold a wholly-owned share and become a single shareholder, but it was not approved.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/08c9d160e1da5f579d8c3a08c4b66cde\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"381\"/></p><p><p style=\"text-align: justify;\">BT Finance learned that as of April 31, 2023, there are a total of 89 qualified domestic property and casualty insurance companies, of which 13 are foreign-funded insurance companies, and only 4 of the other 76 insurance companies are 100% held by a single shareholder. Shares, these 4 companies are Huatai Property and Casualty Insurance, Bank of China Insurance, Sunshine Agriculture, and COSCO Shipping Captive Insurance, from a single shareholder<a href=\"https://laohu8.com/S/601988\">BANK OF CHINA</a>And China COSCO Shipping Group know that the strength and background of a single shareholder are strong.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/11739032cc3e0051470796ebdebd1c52\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"467\"/></p><p><p style=\"text-align: justify;\">Even so, it needs to be emphasized that these four shareholders were all before 2018, and after 2018, no insurance company is wholly owned by a single shareholder. It can be seen that it is not that Geely does not want to hold a single share, but that the relevant departments have failed to approve it, so that the property insurance license owned by a single shareholder is quite scarce.</p><p><p style=\"text-align: justify;\">According to analysts in the insurance industry, BYD's approval to become a sole proprietorship in Yi'an Property Insurance may be related to Article 88 of the Equity Management Measures. Inquire about the relevant provisions of the Measures for the Administration of Equity of Insurance Companies. The original text of Article 88 reads \"With the approval of the China Insurance Regulatory Commission, those who participate in the risk disposal of insurance companies, or those who undertake equity by designated institutions, are not subject to the restrictions stipulated in these Measures on shareholder qualifications, shareholding ratios, shareholding funds, etc.\"</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2c7d4661e8e8c6038ebed31f1d166612\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"650\"/></p><p><p style=\"text-align: justify;\">\"BYD's participation in the risk disposal of Yi'an Property & Casualty Insurance may be the reason why BYD can pass regulatory approval.\" The industry insider emphasized that BYD's sole proprietorship of Yi'an Property & Casualty Insurance is the first case in the industry and may provide reference for many bankrupt insurance companies later.</p><p><strong>2. Is the 3.6 billion license worth it?</strong></p><p><p style=\"text-align: justify;\">Compared with some views that Yi'an Property Insurance is a burden, some people in the industry hold different opinions: \"Yi'an Property Insurance is small in scale and has no heavy historical burden. It is indeed an excellent asset.\"</p><p><p style=\"text-align: justify;\">This is indeed the case. According to public information, although Yi'an Property & Casualty Insurance is not well-known and has not been established for a long time, it is one of the four approved professional Internet insurance companies in China. It was established in Shenzhen in February 2016. Unlike general insurance companies, which suffered losses in the early stage for a long time, Yi'an Property Insurance achieved a profit of 1.572 million yuan in the first year of its establishment, and its net profit increased to 7.11 million yuan in 2017, becoming a development model among many insurance companies.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f27ea851be13929fb23313dd5f1ceecb\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"608\"/></p><p><p style=\"text-align: justify;\">Immediate profit also made Yi'an Property & Casualty Insurance's layout too aggressive, and closely followed the online lending P2P platform to carry out related insurance business. It is the peak \", with a net loss of 199 million yuan in 2018, a continuous loss of 167 million yuan in 2019, and another loss of 262 million yuan in the first quarter of 2020. This is also the last performance disclosure of Yi'an Property & Casualty Insurance. As of March 31, 2022.</p><p><p style=\"text-align: justify;\">Insolvency is a fact, but its net assets are only-127 million yuan, which is almost a drop in the bucket for BYD, which has a revenue of more than 400 billion yuan.</p><p><p style=\"text-align: justify;\">In July 2020, Yi'an Property Insurance was directly taken over by the China Banking and Insurance Regulatory Commission. Also taken over during the same period were China Life Insurance,<a href=\"https://laohu8.com/S/00028\">Cheonan</a>Five property insurance companies including Property Insurance and Tianan Life Insurance. The original takeover period was one year, and after the expiration, the takeover was extended for another year until this year is the third year. In July 2022, a bankruptcy reorganization application was submitted to the Beijing Financial Court. Subsequently, in order to promote the reorganization work, Yi'an Property & Casualty Insurance publicly recruited strategic investors for reorganization.</p><p><p style=\"text-align: justify;\">On February 24, 2023, Yi'an Property & Casualty Insurance announced that the Beijing Financial Court issued the (2022) Jingpo No. 1 \"Civil Ruling\", ruling to approve the reorganization plan of Yi'an Property & Casualty Insurance and terminate the reorganization procedure. Yi'an Property & Casualty Insurance will promote the implementation of the reorganization plan according to law. Tianyancha also disclosed at the beginning of this year: \"BYD plans to acquire the equity of Yi'an Property & Casualty Insurance for 3.6 billion yuan.\"</p><p><p style=\"text-align: justify;\">Yi'an Property & Casualty Insurance is now insolvent and forced to sell itself, but it grew rapidly at the beginning of its establishment. In 2016, the premium income reached 220 million yuan in the first year of its establishment, and in 2017, it reached 845 million yuan, a year-on-year increase of 284%. In 2018, the premium income reached 1.294 billion yuan, an increase of 53%. As an Internet insurance company, compared with traditional insurance companies, Internet insurance companies have more obvious professional advantages in the technical field. Today, when consumers' consumption habits are gradually changing from offline to online, this advantage will make it convenient for Internet insurance companies to establish marketing channels directly facing customers, and at the same time, they can cooperate with third parties such as Taobao and Ctrip with high quality. In terms of digitalization, they have natural advantages over traditional insurance companies. Of course, what BYD values most is the shareholding of the fifth single shareholder, which is considered by the industry that \"3.6 billion yuan to buy a high-quality license is also a great value.\"</p><p><p style=\"text-align: justify;\">This is not the first time BYD has tested the insurance industry. As early as March 2022, BYD Insurance Brokerage Co., Ltd. was approved by the Shenzhen Municipal Administration for Market Regulation to be established. The acquisition of Yi'an Property & Casualty Insurance may be Wang Chuanfu's next big game.</p><p><strong>3. New energy auto insurance will be the main battlefield for future insurance companies</strong></p><p><p style=\"text-align: justify;\">Obviously, the ultimate goal of BYD's acquisition of Yi'an Property & Casualty Insurance will be to enter auto insurance, but judging from the current business scope of Yi'an Property & Casualty Insurance, it does not include auto insurance. According to Jiemian News, after BYD officially takes over Yi'an Property & Casualty Insurance, it will apply to the China Banking and Insurance Regulatory Commission for auto insurance business qualifications, mainly focusing on new energy vehicles.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fd034c599fa474bd8bdb80fd92f9d14a\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"581\"/></p><p><p style=\"text-align: justify;\">Some insurance industry practitioners believe that Yi'an Property Insurance is an Internet insurance company. According to relevant regulations, Internet insurance companies can only carry out Internet insurance business, and are not allowed to sell insurance products offline, nor are they allowed to sell insurance products offline through other insurance institutions. Under such circumstances, it is quite difficult to carry out auto insurance business. How to reconcile this contradiction in the future will become the key to BYD's successful entry into auto insurance.</p><p><p style=\"text-align: justify;\">BYD attaches great importance to auto insurance because auto insurance has always been the largest type of insurance in the property insurance industry, with<a href=\"https://laohu8.com/S/601319\">PICC</a>For example, the total revenue in 2022 will be 620.9 billion yuan, and the auto insurance revenue will reach 271.16 billion yuan, accounting for 44% of the total revenue. Auto insurance has become a battleground for property insurance companies. The rise of new energy vehicles provides more room for imagination for future auto insurance. New energy auto insurance will be the main battlefield for future insurance companies.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c110d41ca6d357e1821d77b14f5c6128\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"608\"/></p><p><p style=\"text-align: justify;\">Throughout 2022, China<a href=\"https://laohu8.com/S/600617\">National New Energy</a>Automobile retail sales were 5.6743 million units, a year-on-year increase of 90%.<a href=\"https://laohu8.com/S/000166\">Shenwan Hongyuan</a>Securities predicts that by 2025, the scale of new energy vehicle premiums will reach 154.3 billion yuan, and by 2030, it will reach 1.279 billion yuan, accounting for 31.3% of the total auto insurance premiums. BYD is the company with the highest market share, with a total sales of 1.869 million vehicles in 2022, and its market share will increase from 19.5% in 2021 to 31.7%. This means that for every 10 new energy vehicles sold, about 3 are BYD. According to BYD's sales since 2023, the market share will further increase, and BYD's production and delivery rate are expected to reach a new high in the future. Faced with trillion-level new energy auto insurance, BYD is naturally excited.</p><p><p style=\"text-align: justify;\">\"The higher BYD's sales, the greater the space for new energy auto insurance. BYD obviously doesn't want to give up this piece of fat meat. If every BYD can buy its own insurance, it will be a huge number for BYD.\" Zhang Zhiyong, an auto media person, is optimistic about the prospect of new energy auto insurance, believing that this is the driving force for BYD to enter the insurance industry. \"But it should be noted that insurance companies and 4S stores themselves are a game relationship, and now it may become a mutual game between left and right hands. Once this delicate relationship is not handled well, it will easily arouse resentment and resistance from consumers.\"</p><p><p style=\"text-align: justify;\">Although BYD has become the fifth sole proprietorship shareholder of an insurance company with a single shareholder, Zhang Zhiyong believes that everything will be fine without obtaining the license and qualifications. \"In the past, many car companies invested in insurance companies, and the development was not smooth. After Geely took over, Hezhong Property Insurance, its management changes frequently and its performance is not satisfactory, with a loss of nearly 100 million yuan in 2022.<a href=\"https://laohu8.com/S/601238\">GAC Group</a>Zhongcheng Insurance, a shareholder, only achieved profitability eight years after its establishment, but lost nearly 200 million yuan in auto insurance last year. XPeng, ideal,<a href=\"https://laohu8.com/S/NIO\">Nio</a>as well as<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>They have all launched insurance business, and their performance is not satisfactory. BYD can't be too optimistic either. \"</p><p><strong>4. Insurance, another struggle for BYD's ecosystem</strong></p><p><p style=\"text-align: justify;\">As we all know, BYD is not only an automobile company, but also a technology company. Wang Chuanfu has been committed to building an ecological enterprise with electric vehicles as its core.</p><p><p style=\"text-align: justify;\">The new energy vehicle industry chain has ushered in a good opportunity for rapid development under the background of \"double carbon\", and BYD's total market value has also risen. The total market value rose from 35.7 billion yuan in September 2012 to 728.1 billion yuan (as of the close on May 9).</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9a7884d0f4bfdd29d23199bc67375a68\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"608\"/></p><p><p style=\"text-align: justify;\">In terms of power batteries, Wang Chuanfu, a battery professional, understands batteries better than any new energy car company. With his painstaking polishing, BYD is the only power battery company in China with a full industrial chain. Even in the field of charging, it is at the forefront of the industry, reaching strategic cooperation with major first-tier cities in China, and establishing more than 30 charging alliances. Its charging pile products have passed the certification of automotive safety certification agencies and government standards around the world. In the field of batteries, BYD has become an unswerving authority. Even its competitor Tesla uses BYD's batteries, which shows that BYD's batteries do have advantages.</p><p><p style=\"text-align: justify;\">BYD Semiconductor is also BYD's trump card and a strong support for energy technology. BYD even has plans to spin off its semiconductors and go public. After listing, BYD Semiconductor will focus on automotive-grade semiconductors, simultaneously promote the development of semiconductor business in industry, home appliances, new energy, consumer electronics and other fields, and strive to become an efficient,<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>, integrated new semiconductor suppliers. Wang Chuanfu's ecosystem layout has initially taken shape, and Yi'an Property & Casualty Insurance will be another major support for the upgrade of BYD's ecosystem and an important piece of the puzzle of BYD's ecosystem. It can not only promote the digital upgrading of the new energy vehicle industry, but also seek to maximize the benefits of the new energy field in response to the call for green and low-carbon transformation. This is also Wang Chuanfu's ambition.</p><p><p style=\"text-align: justify;\">\"Once BYD successfully enters the auto insurance market, it can use its information advantage to reduce the premium of its own auto insurance, which will surely enhance its competitiveness. It is expected to break the embarrassment of'low fuel cost 'but expensive premium, enhance its own brand competitiveness, and build the moat of BYD brand. Build a closed-loop system of the whole industrial chain of new energy vehicles.\" Zhang Zhiyong is worried about BYD's entry into auto insurance, but still hopes that BYD can do what it wishes<a href=\"https://laohu8.com/S/01315\">Green Economy</a>The achievements made in the field have opened up a new development path for the global automobile industry. If BYD can make breakthroughs in auto insurance in the future, it will provide reference samples for more car companies. \"</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9bbbae088e4d64bba60243b5e93d9458\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"598\"/></p><p><p style=\"text-align: justify;\">Judging from the overall situation of new energy vehicle insurance in recent years, its insurance has been in a state of loss or slight profit. The reason is that new energy vehicles have not developed soon, and the amount of vehicle and accident data is insufficient to accurately approve the risks of new energy vehicles. It is also impossible to directly analyze the frequent problems of vehicle models through big data and improve them in time. Cui Dongshu, secretary-general of the Passenger Car Association, once said that excessive new energy vehicle insurance is not conducive to the promotion of new energy vehicles. New energy vehicle companies building their own insurance companies may be an idea to solve this problem.</p><p><p style=\"text-align: justify;\">For the insurance industry, BYD's entry is expected to subvert the traditional auto insurance pricing model and sales model; For BYD, winning the Internet insurance license of Yi'an Property & Casualty Insurance is expected to realize the independent development of new energy auto insurance, which can well feed back its own auto ecology; This merger is indeed a win-win situation for both companies.</p><p></body></html></p>","source":"lsy1588993976395","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>BYD acquires an insurance company for 3.6 billion yuan, what does Wang Chuanfu want to do?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBYD acquires an insurance company for 3.6 billion yuan, what does Wang Chuanfu want to do?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">BT财经</strong><span class=\"h-time small\">2023-05-11 14:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><strong><em><a href=\"https://laohu8.com/S/002594\">BYD</a>Buying an insurance company with 3.6 billion yuan shocked the industry.</em></strong><p style=\"text-align: justify;\">On May 9, according to an announcement from the China Banking and Insurance Regulatory Commission, BYD wholly acquired 100% of the shares of Yi'an Property & Casualty Insurance. Tianyancha information disclosed that BYD's purchase price was approximately 3.6 billion yuan. The original shareholders of Yi'an Property & Casualty Insurance emptied their shares and no longer held any shares. Since then, BYD has become the first Chinese-funded insurance company wholly owned by private shareholders in the insurance industry.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ca4e698bae4ba88f3f02165c5da4c9c4\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"1017\"/></p><p><p style=\"text-align: justify;\">Yi'an Property & Casualty Insurance, which was taken over in 2020, finally found a new owner after three years. However, BYD, which spent huge sums of money to acquire Yi'an Property & Casualty Insurance, experienced a decline in its stock price. At the close of trading on May 9, BYD's closing price was 250.11 yuan, a decrease of 1.54%. Compared with the high point of 288.82 yuan (February 9) during the year, the stock price dropped by 13.4%, and compared with the high point of 358.76 yuan in 2022, the drop reached 30.3%, and the market value evaporated by more than 300 billion yuan.</p><p><p style=\"text-align: justify;\">The market's concerns come from the fact that on July 15, 2022, Yi'an Property & Casualty Insurance entered the bankruptcy and reorganization procedure due to insolvency, and was burdened with huge debts. BYD's acquisition of Yi'an Property & Casualty Insurance is bound to eat these debts; In addition, the span between BYD and insurance business is too large, and insurance companies and 4S stores are in a game relationship. In the future, BYD may have the risk of mutual games between left and right hands. Why is BYD willing to take such a big risk to acquire Yian Property & Casualty Insurance?</p><p><strong>1. The fifth single shareholder insurance company</strong></p><p><p style=\"text-align: justify;\">One of the focuses of the market is that BYD holds 100% of Yi'an Property Insurance, which means that Yi'an Property Insurance has now changed from a multi-shareholder to a single shareholder of BYD.</p><p><p style=\"text-align: justify;\">The reason why this information point has attracted much attention is that in 2018, the former China Insurance Regulatory Commission issued the \"Measures for the Administration of Equity of Insurance Companies\", which clearly required the shareholder qualifications and shareholding ratios of Chinese-funded insurance companies. Among them, the shareholding ratio of a single shareholder cannot exceed one-third of the registered capital of the insurance company. In other words, a single shareholder can only hold up to 33.33% of the shares of the insurance company. The most recent example is<a href=\"https://laohu8.com/S/00175\">Geely Automobile</a>To invest in Hezhong Property & Casualty Insurance, the upper limit of its shareholding is 33.33%. Li Shufu also wanted to hold a wholly-owned share and become a single shareholder, but it was not approved.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/08c9d160e1da5f579d8c3a08c4b66cde\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"381\"/></p><p><p style=\"text-align: justify;\">BT Finance learned that as of April 31, 2023, there are a total of 89 qualified domestic property and casualty insurance companies, of which 13 are foreign-funded insurance companies, and only 4 of the other 76 insurance companies are 100% held by a single shareholder. Shares, these 4 companies are Huatai Property and Casualty Insurance, Bank of China Insurance, Sunshine Agriculture, and COSCO Shipping Captive Insurance, from a single shareholder<a href=\"https://laohu8.com/S/601988\">BANK OF CHINA</a>And China COSCO Shipping Group know that the strength and background of a single shareholder are strong.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/11739032cc3e0051470796ebdebd1c52\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"467\"/></p><p><p style=\"text-align: justify;\">Even so, it needs to be emphasized that these four shareholders were all before 2018, and after 2018, no insurance company is wholly owned by a single shareholder. It can be seen that it is not that Geely does not want to hold a single share, but that the relevant departments have failed to approve it, so that the property insurance license owned by a single shareholder is quite scarce.</p><p><p style=\"text-align: justify;\">According to analysts in the insurance industry, BYD's approval to become a sole proprietorship in Yi'an Property Insurance may be related to Article 88 of the Equity Management Measures. Inquire about the relevant provisions of the Measures for the Administration of Equity of Insurance Companies. The original text of Article 88 reads \"With the approval of the China Insurance Regulatory Commission, those who participate in the risk disposal of insurance companies, or those who undertake equity by designated institutions, are not subject to the restrictions stipulated in these Measures on shareholder qualifications, shareholding ratios, shareholding funds, etc.\"</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2c7d4661e8e8c6038ebed31f1d166612\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"650\"/></p><p><p style=\"text-align: justify;\">\"BYD's participation in the risk disposal of Yi'an Property & Casualty Insurance may be the reason why BYD can pass regulatory approval.\" The industry insider emphasized that BYD's sole proprietorship of Yi'an Property & Casualty Insurance is the first case in the industry and may provide reference for many bankrupt insurance companies later.</p><p><strong>2. Is the 3.6 billion license worth it?</strong></p><p><p style=\"text-align: justify;\">Compared with some views that Yi'an Property Insurance is a burden, some people in the industry hold different opinions: \"Yi'an Property Insurance is small in scale and has no heavy historical burden. It is indeed an excellent asset.\"</p><p><p style=\"text-align: justify;\">This is indeed the case. According to public information, although Yi'an Property & Casualty Insurance is not well-known and has not been established for a long time, it is one of the four approved professional Internet insurance companies in China. It was established in Shenzhen in February 2016. Unlike general insurance companies, which suffered losses in the early stage for a long time, Yi'an Property Insurance achieved a profit of 1.572 million yuan in the first year of its establishment, and its net profit increased to 7.11 million yuan in 2017, becoming a development model among many insurance companies.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f27ea851be13929fb23313dd5f1ceecb\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"608\"/></p><p><p style=\"text-align: justify;\">Immediate profit also made Yi'an Property & Casualty Insurance's layout too aggressive, and closely followed the online lending P2P platform to carry out related insurance business. It is the peak \", with a net loss of 199 million yuan in 2018, a continuous loss of 167 million yuan in 2019, and another loss of 262 million yuan in the first quarter of 2020. This is also the last performance disclosure of Yi'an Property & Casualty Insurance. As of March 31, 2022.</p><p><p style=\"text-align: justify;\">Insolvency is a fact, but its net assets are only-127 million yuan, which is almost a drop in the bucket for BYD, which has a revenue of more than 400 billion yuan.</p><p><p style=\"text-align: justify;\">In July 2020, Yi'an Property Insurance was directly taken over by the China Banking and Insurance Regulatory Commission. Also taken over during the same period were China Life Insurance,<a href=\"https://laohu8.com/S/00028\">Cheonan</a>Five property insurance companies including Property Insurance and Tianan Life Insurance. The original takeover period was one year, and after the expiration, the takeover was extended for another year until this year is the third year. In July 2022, a bankruptcy reorganization application was submitted to the Beijing Financial Court. Subsequently, in order to promote the reorganization work, Yi'an Property & Casualty Insurance publicly recruited strategic investors for reorganization.</p><p><p style=\"text-align: justify;\">On February 24, 2023, Yi'an Property & Casualty Insurance announced that the Beijing Financial Court issued the (2022) Jingpo No. 1 \"Civil Ruling\", ruling to approve the reorganization plan of Yi'an Property & Casualty Insurance and terminate the reorganization procedure. Yi'an Property & Casualty Insurance will promote the implementation of the reorganization plan according to law. Tianyancha also disclosed at the beginning of this year: \"BYD plans to acquire the equity of Yi'an Property & Casualty Insurance for 3.6 billion yuan.\"</p><p><p style=\"text-align: justify;\">Yi'an Property & Casualty Insurance is now insolvent and forced to sell itself, but it grew rapidly at the beginning of its establishment. In 2016, the premium income reached 220 million yuan in the first year of its establishment, and in 2017, it reached 845 million yuan, a year-on-year increase of 284%. In 2018, the premium income reached 1.294 billion yuan, an increase of 53%. As an Internet insurance company, compared with traditional insurance companies, Internet insurance companies have more obvious professional advantages in the technical field. Today, when consumers' consumption habits are gradually changing from offline to online, this advantage will make it convenient for Internet insurance companies to establish marketing channels directly facing customers, and at the same time, they can cooperate with third parties such as Taobao and Ctrip with high quality. In terms of digitalization, they have natural advantages over traditional insurance companies. Of course, what BYD values most is the shareholding of the fifth single shareholder, which is considered by the industry that \"3.6 billion yuan to buy a high-quality license is also a great value.\"</p><p><p style=\"text-align: justify;\">This is not the first time BYD has tested the insurance industry. As early as March 2022, BYD Insurance Brokerage Co., Ltd. was approved by the Shenzhen Municipal Administration for Market Regulation to be established. The acquisition of Yi'an Property & Casualty Insurance may be Wang Chuanfu's next big game.</p><p><strong>3. New energy auto insurance will be the main battlefield for future insurance companies</strong></p><p><p style=\"text-align: justify;\">Obviously, the ultimate goal of BYD's acquisition of Yi'an Property & Casualty Insurance will be to enter auto insurance, but judging from the current business scope of Yi'an Property & Casualty Insurance, it does not include auto insurance. According to Jiemian News, after BYD officially takes over Yi'an Property & Casualty Insurance, it will apply to the China Banking and Insurance Regulatory Commission for auto insurance business qualifications, mainly focusing on new energy vehicles.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fd034c599fa474bd8bdb80fd92f9d14a\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"581\"/></p><p><p style=\"text-align: justify;\">Some insurance industry practitioners believe that Yi'an Property Insurance is an Internet insurance company. According to relevant regulations, Internet insurance companies can only carry out Internet insurance business, and are not allowed to sell insurance products offline, nor are they allowed to sell insurance products offline through other insurance institutions. Under such circumstances, it is quite difficult to carry out auto insurance business. How to reconcile this contradiction in the future will become the key to BYD's successful entry into auto insurance.</p><p><p style=\"text-align: justify;\">BYD attaches great importance to auto insurance because auto insurance has always been the largest type of insurance in the property insurance industry, with<a href=\"https://laohu8.com/S/601319\">PICC</a>For example, the total revenue in 2022 will be 620.9 billion yuan, and the auto insurance revenue will reach 271.16 billion yuan, accounting for 44% of the total revenue. Auto insurance has become a battleground for property insurance companies. The rise of new energy vehicles provides more room for imagination for future auto insurance. New energy auto insurance will be the main battlefield for future insurance companies.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c110d41ca6d357e1821d77b14f5c6128\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"608\"/></p><p><p style=\"text-align: justify;\">Throughout 2022, China<a href=\"https://laohu8.com/S/600617\">National New Energy</a>Automobile retail sales were 5.6743 million units, a year-on-year increase of 90%.<a href=\"https://laohu8.com/S/000166\">Shenwan Hongyuan</a>Securities predicts that by 2025, the scale of new energy vehicle premiums will reach 154.3 billion yuan, and by 2030, it will reach 1.279 billion yuan, accounting for 31.3% of the total auto insurance premiums. BYD is the company with the highest market share, with a total sales of 1.869 million vehicles in 2022, and its market share will increase from 19.5% in 2021 to 31.7%. This means that for every 10 new energy vehicles sold, about 3 are BYD. According to BYD's sales since 2023, the market share will further increase, and BYD's production and delivery rate are expected to reach a new high in the future. Faced with trillion-level new energy auto insurance, BYD is naturally excited.</p><p><p style=\"text-align: justify;\">\"The higher BYD's sales, the greater the space for new energy auto insurance. BYD obviously doesn't want to give up this piece of fat meat. If every BYD can buy its own insurance, it will be a huge number for BYD.\" Zhang Zhiyong, an auto media person, is optimistic about the prospect of new energy auto insurance, believing that this is the driving force for BYD to enter the insurance industry. \"But it should be noted that insurance companies and 4S stores themselves are a game relationship, and now it may become a mutual game between left and right hands. Once this delicate relationship is not handled well, it will easily arouse resentment and resistance from consumers.\"</p><p><p style=\"text-align: justify;\">Although BYD has become the fifth sole proprietorship shareholder of an insurance company with a single shareholder, Zhang Zhiyong believes that everything will be fine without obtaining the license and qualifications. \"In the past, many car companies invested in insurance companies, and the development was not smooth. After Geely took over, Hezhong Property Insurance, its management changes frequently and its performance is not satisfactory, with a loss of nearly 100 million yuan in 2022.<a href=\"https://laohu8.com/S/601238\">GAC Group</a>Zhongcheng Insurance, a shareholder, only achieved profitability eight years after its establishment, but lost nearly 200 million yuan in auto insurance last year. XPeng, ideal,<a href=\"https://laohu8.com/S/NIO\">Nio</a>as well as<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>They have all launched insurance business, and their performance is not satisfactory. BYD can't be too optimistic either. \"</p><p><strong>4. Insurance, another struggle for BYD's ecosystem</strong></p><p><p style=\"text-align: justify;\">As we all know, BYD is not only an automobile company, but also a technology company. Wang Chuanfu has been committed to building an ecological enterprise with electric vehicles as its core.</p><p><p style=\"text-align: justify;\">The new energy vehicle industry chain has ushered in a good opportunity for rapid development under the background of \"double carbon\", and BYD's total market value has also risen. The total market value rose from 35.7 billion yuan in September 2012 to 728.1 billion yuan (as of the close on May 9).</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9a7884d0f4bfdd29d23199bc67375a68\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"608\"/></p><p><p style=\"text-align: justify;\">In terms of power batteries, Wang Chuanfu, a battery professional, understands batteries better than any new energy car company. With his painstaking polishing, BYD is the only power battery company in China with a full industrial chain. Even in the field of charging, it is at the forefront of the industry, reaching strategic cooperation with major first-tier cities in China, and establishing more than 30 charging alliances. Its charging pile products have passed the certification of automotive safety certification agencies and government standards around the world. In the field of batteries, BYD has become an unswerving authority. Even its competitor Tesla uses BYD's batteries, which shows that BYD's batteries do have advantages.</p><p><p style=\"text-align: justify;\">BYD Semiconductor is also BYD's trump card and a strong support for energy technology. BYD even has plans to spin off its semiconductors and go public. After listing, BYD Semiconductor will focus on automotive-grade semiconductors, simultaneously promote the development of semiconductor business in industry, home appliances, new energy, consumer electronics and other fields, and strive to become an efficient,<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>, integrated new semiconductor suppliers. Wang Chuanfu's ecosystem layout has initially taken shape, and Yi'an Property & Casualty Insurance will be another major support for the upgrade of BYD's ecosystem and an important piece of the puzzle of BYD's ecosystem. It can not only promote the digital upgrading of the new energy vehicle industry, but also seek to maximize the benefits of the new energy field in response to the call for green and low-carbon transformation. This is also Wang Chuanfu's ambition.</p><p><p style=\"text-align: justify;\">\"Once BYD successfully enters the auto insurance market, it can use its information advantage to reduce the premium of its own auto insurance, which will surely enhance its competitiveness. It is expected to break the embarrassment of'low fuel cost 'but expensive premium, enhance its own brand competitiveness, and build the moat of BYD brand. Build a closed-loop system of the whole industrial chain of new energy vehicles.\" Zhang Zhiyong is worried about BYD's entry into auto insurance, but still hopes that BYD can do what it wishes<a href=\"https://laohu8.com/S/01315\">Green Economy</a>The achievements made in the field have opened up a new development path for the global automobile industry. If BYD can make breakthroughs in auto insurance in the future, it will provide reference samples for more car companies. \"</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9bbbae088e4d64bba60243b5e93d9458\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"598\"/></p><p><p style=\"text-align: justify;\">Judging from the overall situation of new energy vehicle insurance in recent years, its insurance has been in a state of loss or slight profit. The reason is that new energy vehicles have not developed soon, and the amount of vehicle and accident data is insufficient to accurately approve the risks of new energy vehicles. It is also impossible to directly analyze the frequent problems of vehicle models through big data and improve them in time. Cui Dongshu, secretary-general of the Passenger Car Association, once said that excessive new energy vehicle insurance is not conducive to the promotion of new energy vehicles. New energy vehicle companies building their own insurance companies may be an idea to solve this problem.</p><p><p style=\"text-align: justify;\">For the insurance industry, BYD's entry is expected to subvert the traditional auto insurance pricing model and sales model; For BYD, winning the Internet insurance license of Yi'an Property & Casualty Insurance is expected to realize the independent development of new energy auto insurance, which can well feed back its own auto ecology; This merger is indeed a win-win situation for both companies.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/dwwpQUFI5MkQoQ1ZsVlneA\">BT财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f27ea851be13929fb23313dd5f1ceecb","relate_stocks":{"SG9999001226.SGD":"UNITED SUSTAINABLE ASIA TOP 50 \"A\" (SGD) ACC","00285":"比亚迪电子","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","002594":"比亚迪","BK0183":"MSCI概念","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU1580142542.USD":"Blackrock Systematic China A-Share Opportunities A2 USD","BK1522":"燃料电池","BK1539":"汽车股","EVS.SI":"MSCI China Electric Vehicles and Future Mobility ETF-NikkoAM","BK0155":"锂电池","LU1781817850.SGD":"Blackrock Systematic China A-Share Opportunities A2 SGD-H","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","BK1119":"汽车制造商","BK0169":"共享汽车","01211":"比亚迪股份","BK1504":"苹果概念","BK0196":"行业龙头","SG9999015978.USD":"利安颠覆性创新基金A","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC"},"source_url":"https://mp.weixin.qq.com/s/dwwpQUFI5MkQoQ1ZsVlneA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146260894","content_text":"比亚迪用36亿元买了一家保险公司震惊业界。5月9日，据中国银保监会公告可知，比亚迪全资收购易安财险100%的股份，天眼查信息披露，比亚迪收购价约为36亿元。易安财险原来的各股东清空手中股票，不再持有任何股份，自此比亚迪成为保险行业内第一例民营股东独资的中资险企。2020年被接管的易安财险，耗时三年终于找到新东家。但斥巨资收购易安财险的比亚迪却迎来了股价下跌，5月9日收盘，比亚迪收盘价250.11元，跌幅为1.54%。和年内股价高点288.82元（2月9日）相比，跌幅13.4%，和2022年358.76元的高点相比，跌幅达30.3%，市值蒸发超3000亿元。市场的担忧情绪来自于，易安财险2022年7月15日，因资不抵债进入破产重整程序，背负了巨额债务，比亚迪并购易安财险，势必要吃下这些债务；此外比亚迪和保险业务跨度太大，而且保险公司和4S店是博弈关系，未来比亚迪或有左右手互博的风险。比亚迪为何甘冒如此大风险也要并购易安财险？1、第五家单一股东险企市场关注的重点之一是比亚迪100%持股易安财险，也就是说易安财险现在已经由多股东变成了比亚迪单一股东。这个信息点之所以备受关注，是因为2018年原保监会下发《保险公司股权管理办法》，对中资险企的股东资质和持股比例，进行明确要求。其中对单一股东的持股比例不能超过险企注册资本的三分之一，也就说，单一股东最多只能持有险企股份的33.33%，最近的例子就是吉利汽车入股合众财险，其持股的上限就是33.33%。李书福也想全资持股成为单一股东，但未获批准。BT财经了解到，截至2023年4月31日，国内有资质的财险公司共计89家，其中有13家为外资险企，其他76家险企中只有4家险企为单一股东100%持股，这4家分别为华泰财险、中银保险、阳光农业、中远海自保，从单一股东中国银行和中国远洋海运集团就知道单一股东的实力强劲和背景强大。即便如此，需要特别强调的是，这4家入股时间都是在2018年之前，2018年以后没有任何一家险企是单一股东全资。由此可见，不是吉利不想单一持股，而是相关部门未能批复，以至于单一股东独资的财险牌照相当稀缺。保险行业人士分析称，比亚迪能够获批独资易安财险，可能与股权管理办法的第八十八条有关。查询保险公司股权管理办法相关条文，第八十八条内容原文是“经中国保监会批准，参与保险公司风险处置的，或者由指定机构承接股权的，不受本办法关于股东资质、持股比例、入股资金等规定的限制。”“比亚迪参与易安财险的风险处置，这或是比亚迪能通过监管部门批准的原因。”该业内人士强调，目前比亚迪独资易安财险，是行业的第一例，可能会为后来众多破产的保险公司提供借鉴和参考。2、36亿的牌照值不值？相较于一些观点认为易安财险是个包袱，有业内人士持不同意见：“易安财险规模较小，历史包袱不重，确实是优良资产。”事实确实如此，据公开资料显示，易安财险虽然名气不大，成立时间也不算长，但却是国内四家获批设立的专业互联网保险公司之一，2016年2月成立于深圳。和一般保险公司前期亏损很久不同，易安财险在成立的第一年就实现了157.2万元的盈利，2017年净利润则提升至711万，成为众多保险公司中的发展楷模。成立即盈利也让易安财险布局过于激进，并紧跟网贷P2P平台开展相关保险业务，但不幸的是，易安财险押宝失败，网贷P2P平台相继爆雷，易安财险“出道即巅峰”，2018年净亏损1.99亿元，2019年持续亏损1.67亿元，而2020年一季度再度亏损2.62亿元，这也是易安财险最后一次业绩披露，截至2022年3月31日，易安财险资产总计3.34亿元，负债合计4.62亿元，股东（或所有者）权益合计-1.27亿元，账面资产小于负债，已经进入资不抵债的境地。资不抵债是事实，但净资产仅为-1.27亿元，这对营收超过4000亿元的比亚迪几乎是九牛一毛。2020年7月易安财险被银保监会直接接管，同期被接管的还有华夏人寿、天安财险、天安人寿等5家财险公司。本来接管期限为一年，到期后又延长接管一年，直至今年已是第三年。2022年7月向北京金融法院提交破产重整申请。随后为推进重整工作开展，易安财险公开招募重整战略投资者。2023年2月24日，易安财险公告，北京金融法院作出(2022)京破1号之一《民事裁定书》，裁定批准易安财险重整计划，并终止重整程序。易安财险将依法推进重整计划的执行工作。天眼查也于今年年初披露：“比亚迪拟以36亿元收购易安财险股权。”易安财险如今资不抵债被迫卖身，但在成立之初增长迅猛，2016年成立第一年保费收入就达2.2亿元，2017年达8.45亿元，同比增长284%，2018年保费收入达12.94亿元，增幅为53%。作为互联网保险企业，相比传统保险公司以渠道倾斜方式触网，互联网保险公司在技术领域的专业优势更为明显，在消费者消费习惯由线下逐渐向线上转变的今天，这一优势将使互联网保险公司方便建立直接面对客户的营销渠道，同时可以高质量地与淘宝、携程等第三方合作，在数字化方面，比传统保险公司具备天然优势。当然最让比亚迪看重的还是第五家单一股东持股，被业内认为“36亿买个优质牌照也超值。”这并不是比亚迪首次试水保险行业，早在2022年3月比亚迪保险经纪有限公司获深圳市市场监督管理局批准成立，收购易安财险，或是王传福在下一盘大棋。3、新能源车险是未来险企主战场很显然，比亚迪收购易安财险的最终目的会进军车险，只是从易安财险目前的经营范围来看，并不包括车险，据界面新闻报道，比亚迪正式接手易安财险后，将会向银保监会申请车险方面经营资质，主要围绕新能源汽车开展保险业务。有保险行业从业者认为，易安财险是一家互联网保险公司，根据相关规定，互联网保险公司只能开展互联网保险业务，不得线下销售保险产品，也不得通过其他保险机构线下销售保险产品。这样的情况下，开展车险业务，难度颇大。未来如何调和这一矛盾，将成为比亚迪能否成功进入车险的关键所在。比亚迪如此看重车险，是因为车险一直是财险业第一大险种，以中国人保为例，2022年总营收6209亿元，车险营收达2711.6亿元，占总营收的44%。车险已经成为财险公司的必争之地。而新能源汽车的兴起，则为未来车险提供了更多的想象空间，新能源车险，将是未来险企的主战场。2022年全年，中国新能源汽车零售销量为567.43万辆，同比增长90%。申万宏源证券预计，到2025年，新能源汽车保费规模将达1543亿元，2030年将达12790亿元，占车险总保费的31.3%。而比亚迪是占据市场份额最高的一家，2022年全年共计销售186.9万辆，市场份额由2021年19.5%提升至31.7%，这意味着每销售10辆新能源汽车，就有3辆左右是比亚迪。根据比亚迪2023年以来的销量来看，市场占有率会进一步提升，未来比亚迪的产量和交付率有望再创新高。面对万亿级的新能源车险，比亚迪自然心动。“比亚迪销量越高，新能源车险的空间越大，比亚迪显然不想让这块肥肉拱手相让，如果每辆比亚迪都能买自己家的保险，对比亚迪来说将是一笔庞大的数字。”汽车媒体人张智勇看好新能源汽车车险的前景，认为这是比亚迪进军保险业的动力所在。“但需要注意的是，保险公司和4S店本身是一个博弈的关系，现在可能变成了左右手互博，这种微妙的关系一旦处理不好，也容易引起消费者的反感和抵制。”虽然比亚迪已经成为第五家单一股东的险企独资股东，但张智勇认为不是拿下牌照和资质就万事大吉了，“以前不少车企入股险企，发展并不顺利，吉利入主后的合众财险，其管理层变动频繁，业绩也不理想，2022年亏损近1亿元，广汽集团入股的众诚保险成立8年后才实现盈利，但在车险方面去年亏损近2亿元。小鹏、理想、蔚来以及特斯拉都开展了保险业务，业绩也都不如人意。比亚迪也不能过于乐观。”4、保险，比亚迪生态圈的又一拼众所周知，比亚迪不仅是一家汽车企业，还是一家科技公司，王传福一直致力打造以电动车为核心的生态型企业。新能源汽车产业链在“双碳”的大背景下迎来了高速发展的良机，比亚迪的总市值也水涨船高。总市值由2012年9月的357亿元涨至7281亿元（截至5月9日收盘）。在动力电池方面，电池专业出身的王传福比任何一家新能源车企都更懂电池，在他的潜心打磨下，比亚迪是国内唯一拥有全产业链的动力电池企业。甚至在充电领域，也走在行业前列，与国内各大一线城市达成战略合作，成立了三十多个充电联盟。其充电桩产品通过了全球各地的汽车安全认证机构及政府标准认证。在电池领域，比亚迪成为当仁不让的权威，连竞争对手特斯拉都采用比亚迪的电池，可见比亚迪电池确实有过人之处。比亚迪半导体同样是比亚迪的王牌，是能源科技的有力支持。比亚迪甚至有分拆其半导体上市的计划，上市后，比亚迪半导体将以车规级半导体为核心，同步推动工业，家电，新能源，消费电子等领域的半导体业务发展，致力于成为高效，智能，集成的新型半导体供应商。王传福的生态圈布局已经初步成型，而易安财险将是比亚迪生态圈升级的又一大支撑，也是比亚迪生态圈的一块重要拼图。不仅能够推动新能源汽车行业数字化升级，还能在响应绿色低碳转型的号召下，谋求新能源领域的利益最大化。这也是王传福的野心所在。“一旦比亚迪成功打入车险市场，能借助其信息优势，降低自家车险的保费，必能增强竞争力。有望打破‘油费低’但保费贵的尴尬，提升自身品牌竞争力，构筑比亚迪品牌的护城河。构建起新能源汽车全产业链的闭环体系。”张智勇对比亚迪进军车险有所担忧，但还是希望比亚迪能够如愿，“比亚迪一直积极布局汽车领域实现生态圈，其在新能源绿色经济领域所取得的成绩，为全球汽车产业开辟出崭新的发展路径。未来如果比亚迪能在车险方面有所突破，将会为更多车企提供参考的样本。”结合近几年新能源汽车车险的整体状况来看，其保险一直处于亏损或者微盈的状态，原因是新能源车发展不久，车辆和事故数据量不够，无法准确核准新能源车风险。也无法直接通过大数据分析车型多发问题及时改进。乘联会秘书长崔东树曾表示，新能源车险过高不利于新能源车推广，新能源车企自建保险公司或是解决这一难题的一种思路。对于保险业而言，比亚迪的入局有望颠覆传统车险定价模式和销售模式；对于比亚迪来说，拿下易安财险这块互联网保险牌照，有望实现新能源车险自主开发，可以很好地反哺自身汽车生态；这起并购对两家公司来说确实是一次双赢。","news_type":1,"symbols_score_info":{"002594":0.9,"01211":0.9,"00285":0.9,"EVS.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":477,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":656552335,"gmtCreate":1683826365129,"gmtModify":1683826477370,"author":{"id":"3577156420184846","authorId":"3577156420184846","name":"Raywh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577156420184846","authorIdStr":"3577156420184846"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/656552335","repostId":"1146260894","repostType":2,"repost":{"id":"1146260894","kind":"news","pubTimestamp":1683787822,"share":"https://ttm.financial/m/news/1146260894?lang=en_US&edition=fundamental","pubTime":"2023-05-11 14:50","market":"hk","language":"zh","title":"BYD acquires an insurance company for 3.6 billion yuan, what does Wang Chuanfu want to do?","url":"https://stock-news.laohu8.com/highlight/detail?id=1146260894","media":"BT财经","summary":"比亚迪用36亿元买了一家保险公司震惊业界。5月9日，据中国银保监会公告可知，比亚迪全资收购易安财险100%的股份，天眼查信息披露，比亚迪收购价约为36亿元。易安财险原来的各股东清空手中股票，不再持有任","content":"<p><html><head></head><body><strong><em><a href=\"https://laohu8.com/S/002594\">BYD</a>Buying an insurance company with 3.6 billion yuan shocked the industry.</em></strong><p style=\"text-align: justify;\">On May 9, according to an announcement from the China Banking and Insurance Regulatory Commission, BYD wholly acquired 100% of the shares of Yi'an Property & Casualty Insurance. Tianyancha information disclosed that BYD's purchase price was approximately 3.6 billion yuan. The original shareholders of Yi'an Property & Casualty Insurance emptied their shares and no longer held any shares. Since then, BYD has become the first Chinese-funded insurance company wholly owned by private shareholders in the insurance industry.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ca4e698bae4ba88f3f02165c5da4c9c4\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"1017\"/></p><p><p style=\"text-align: justify;\">Yi'an Property & Casualty Insurance, which was taken over in 2020, finally found a new owner after three years. However, BYD, which spent huge sums of money to acquire Yi'an Property & Casualty Insurance, experienced a decline in its stock price. At the close of trading on May 9, BYD's closing price was 250.11 yuan, a decrease of 1.54%. Compared with the high point of 288.82 yuan (February 9) during the year, the stock price dropped by 13.4%, and compared with the high point of 358.76 yuan in 2022, the drop reached 30.3%, and the market value evaporated by more than 300 billion yuan.</p><p><p style=\"text-align: justify;\">The market's concerns come from the fact that on July 15, 2022, Yi'an Property & Casualty Insurance entered the bankruptcy and reorganization procedure due to insolvency, and was burdened with huge debts. BYD's acquisition of Yi'an Property & Casualty Insurance is bound to eat these debts; In addition, the span between BYD and insurance business is too large, and insurance companies and 4S stores are in a game relationship. In the future, BYD may have the risk of mutual games between left and right hands. Why is BYD willing to take such a big risk to acquire Yian Property & Casualty Insurance?</p><p><strong>1. The fifth single shareholder insurance company</strong></p><p><p style=\"text-align: justify;\">One of the focuses of the market is that BYD holds 100% of Yi'an Property Insurance, which means that Yi'an Property Insurance has now changed from a multi-shareholder to a single shareholder of BYD.</p><p><p style=\"text-align: justify;\">The reason why this information point has attracted much attention is that in 2018, the former China Insurance Regulatory Commission issued the \"Measures for the Administration of Equity of Insurance Companies\", which clearly required the shareholder qualifications and shareholding ratios of Chinese-funded insurance companies. Among them, the shareholding ratio of a single shareholder cannot exceed one-third of the registered capital of the insurance company. In other words, a single shareholder can only hold up to 33.33% of the shares of the insurance company. The most recent example is<a href=\"https://laohu8.com/S/00175\">Geely Automobile</a>To invest in Hezhong Property & Casualty Insurance, the upper limit of its shareholding is 33.33%. Li Shufu also wanted to hold a wholly-owned share and become a single shareholder, but it was not approved.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/08c9d160e1da5f579d8c3a08c4b66cde\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"381\"/></p><p><p style=\"text-align: justify;\">BT Finance learned that as of April 31, 2023, there are a total of 89 qualified domestic property and casualty insurance companies, of which 13 are foreign-funded insurance companies, and only 4 of the other 76 insurance companies are 100% held by a single shareholder. Shares, these 4 companies are Huatai Property and Casualty Insurance, Bank of China Insurance, Sunshine Agriculture, and COSCO Shipping Captive Insurance, from a single shareholder<a href=\"https://laohu8.com/S/601988\">BANK OF CHINA</a>And China COSCO Shipping Group know that the strength and background of a single shareholder are strong.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/11739032cc3e0051470796ebdebd1c52\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"467\"/></p><p><p style=\"text-align: justify;\">Even so, it needs to be emphasized that these four shareholders were all before 2018, and after 2018, no insurance company is wholly owned by a single shareholder. It can be seen that it is not that Geely does not want to hold a single share, but that the relevant departments have failed to approve it, so that the property insurance license owned by a single shareholder is quite scarce.</p><p><p style=\"text-align: justify;\">According to analysts in the insurance industry, BYD's approval to become a sole proprietorship in Yi'an Property Insurance may be related to Article 88 of the Equity Management Measures. Inquire about the relevant provisions of the Measures for the Administration of Equity of Insurance Companies. The original text of Article 88 reads \"With the approval of the China Insurance Regulatory Commission, those who participate in the risk disposal of insurance companies, or those who undertake equity by designated institutions, are not subject to the restrictions stipulated in these Measures on shareholder qualifications, shareholding ratios, shareholding funds, etc.\"</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2c7d4661e8e8c6038ebed31f1d166612\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"650\"/></p><p><p style=\"text-align: justify;\">\"BYD's participation in the risk disposal of Yi'an Property & Casualty Insurance may be the reason why BYD can pass regulatory approval.\" The industry insider emphasized that BYD's sole proprietorship of Yi'an Property & Casualty Insurance is the first case in the industry and may provide reference for many bankrupt insurance companies later.</p><p><strong>2. Is the 3.6 billion license worth it?</strong></p><p><p style=\"text-align: justify;\">Compared with some views that Yi'an Property Insurance is a burden, some people in the industry hold different opinions: \"Yi'an Property Insurance is small in scale and has no heavy historical burden. It is indeed an excellent asset.\"</p><p><p style=\"text-align: justify;\">This is indeed the case. According to public information, although Yi'an Property & Casualty Insurance is not well-known and has not been established for a long time, it is one of the four approved professional Internet insurance companies in China. It was established in Shenzhen in February 2016. Unlike general insurance companies, which suffered losses in the early stage for a long time, Yi'an Property Insurance achieved a profit of 1.572 million yuan in the first year of its establishment, and its net profit increased to 7.11 million yuan in 2017, becoming a development model among many insurance companies.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f27ea851be13929fb23313dd5f1ceecb\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"608\"/></p><p><p style=\"text-align: justify;\">Immediate profit also made Yi'an Property & Casualty Insurance's layout too aggressive, and closely followed the online lending P2P platform to carry out related insurance business. It is the peak \", with a net loss of 199 million yuan in 2018, a continuous loss of 167 million yuan in 2019, and another loss of 262 million yuan in the first quarter of 2020. This is also the last performance disclosure of Yi'an Property & Casualty Insurance. As of March 31, 2022.</p><p><p style=\"text-align: justify;\">Insolvency is a fact, but its net assets are only-127 million yuan, which is almost a drop in the bucket for BYD, which has a revenue of more than 400 billion yuan.</p><p><p style=\"text-align: justify;\">In July 2020, Yi'an Property Insurance was directly taken over by the China Banking and Insurance Regulatory Commission. Also taken over during the same period were China Life Insurance,<a href=\"https://laohu8.com/S/00028\">Cheonan</a>Five property insurance companies including Property Insurance and Tianan Life Insurance. The original takeover period was one year, and after the expiration, the takeover was extended for another year until this year is the third year. In July 2022, a bankruptcy reorganization application was submitted to the Beijing Financial Court. Subsequently, in order to promote the reorganization work, Yi'an Property & Casualty Insurance publicly recruited strategic investors for reorganization.</p><p><p style=\"text-align: justify;\">On February 24, 2023, Yi'an Property & Casualty Insurance announced that the Beijing Financial Court issued the (2022) Jingpo No. 1 \"Civil Ruling\", ruling to approve the reorganization plan of Yi'an Property & Casualty Insurance and terminate the reorganization procedure. Yi'an Property & Casualty Insurance will promote the implementation of the reorganization plan according to law. Tianyancha also disclosed at the beginning of this year: \"BYD plans to acquire the equity of Yi'an Property & Casualty Insurance for 3.6 billion yuan.\"</p><p><p style=\"text-align: justify;\">Yi'an Property & Casualty Insurance is now insolvent and forced to sell itself, but it grew rapidly at the beginning of its establishment. In 2016, the premium income reached 220 million yuan in the first year of its establishment, and in 2017, it reached 845 million yuan, a year-on-year increase of 284%. In 2018, the premium income reached 1.294 billion yuan, an increase of 53%. As an Internet insurance company, compared with traditional insurance companies, Internet insurance companies have more obvious professional advantages in the technical field. Today, when consumers' consumption habits are gradually changing from offline to online, this advantage will make it convenient for Internet insurance companies to establish marketing channels directly facing customers, and at the same time, they can cooperate with third parties such as Taobao and Ctrip with high quality. In terms of digitalization, they have natural advantages over traditional insurance companies. Of course, what BYD values most is the shareholding of the fifth single shareholder, which is considered by the industry that \"3.6 billion yuan to buy a high-quality license is also a great value.\"</p><p><p style=\"text-align: justify;\">This is not the first time BYD has tested the insurance industry. As early as March 2022, BYD Insurance Brokerage Co., Ltd. was approved by the Shenzhen Municipal Administration for Market Regulation to be established. The acquisition of Yi'an Property & Casualty Insurance may be Wang Chuanfu's next big game.</p><p><strong>3. New energy auto insurance will be the main battlefield for future insurance companies</strong></p><p><p style=\"text-align: justify;\">Obviously, the ultimate goal of BYD's acquisition of Yi'an Property & Casualty Insurance will be to enter auto insurance, but judging from the current business scope of Yi'an Property & Casualty Insurance, it does not include auto insurance. According to Jiemian News, after BYD officially takes over Yi'an Property & Casualty Insurance, it will apply to the China Banking and Insurance Regulatory Commission for auto insurance business qualifications, mainly focusing on new energy vehicles.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fd034c599fa474bd8bdb80fd92f9d14a\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"581\"/></p><p><p style=\"text-align: justify;\">Some insurance industry practitioners believe that Yi'an Property Insurance is an Internet insurance company. According to relevant regulations, Internet insurance companies can only carry out Internet insurance business, and are not allowed to sell insurance products offline, nor are they allowed to sell insurance products offline through other insurance institutions. Under such circumstances, it is quite difficult to carry out auto insurance business. How to reconcile this contradiction in the future will become the key to BYD's successful entry into auto insurance.</p><p><p style=\"text-align: justify;\">BYD attaches great importance to auto insurance because auto insurance has always been the largest type of insurance in the property insurance industry, with<a href=\"https://laohu8.com/S/601319\">PICC</a>For example, the total revenue in 2022 will be 620.9 billion yuan, and the auto insurance revenue will reach 271.16 billion yuan, accounting for 44% of the total revenue. Auto insurance has become a battleground for property insurance companies. The rise of new energy vehicles provides more room for imagination for future auto insurance. New energy auto insurance will be the main battlefield for future insurance companies.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c110d41ca6d357e1821d77b14f5c6128\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"608\"/></p><p><p style=\"text-align: justify;\">Throughout 2022, China<a href=\"https://laohu8.com/S/600617\">National New Energy</a>Automobile retail sales were 5.6743 million units, a year-on-year increase of 90%.<a href=\"https://laohu8.com/S/000166\">Shenwan Hongyuan</a>Securities predicts that by 2025, the scale of new energy vehicle premiums will reach 154.3 billion yuan, and by 2030, it will reach 1.279 billion yuan, accounting for 31.3% of the total auto insurance premiums. BYD is the company with the highest market share, with a total sales of 1.869 million vehicles in 2022, and its market share will increase from 19.5% in 2021 to 31.7%. This means that for every 10 new energy vehicles sold, about 3 are BYD. According to BYD's sales since 2023, the market share will further increase, and BYD's production and delivery rate are expected to reach a new high in the future. Faced with trillion-level new energy auto insurance, BYD is naturally excited.</p><p><p style=\"text-align: justify;\">\"The higher BYD's sales, the greater the space for new energy auto insurance. BYD obviously doesn't want to give up this piece of fat meat. If every BYD can buy its own insurance, it will be a huge number for BYD.\" Zhang Zhiyong, an auto media person, is optimistic about the prospect of new energy auto insurance, believing that this is the driving force for BYD to enter the insurance industry. \"But it should be noted that insurance companies and 4S stores themselves are a game relationship, and now it may become a mutual game between left and right hands. Once this delicate relationship is not handled well, it will easily arouse resentment and resistance from consumers.\"</p><p><p style=\"text-align: justify;\">Although BYD has become the fifth sole proprietorship shareholder of an insurance company with a single shareholder, Zhang Zhiyong believes that everything will be fine without obtaining the license and qualifications. \"In the past, many car companies invested in insurance companies, and the development was not smooth. After Geely took over, Hezhong Property Insurance, its management changes frequently and its performance is not satisfactory, with a loss of nearly 100 million yuan in 2022.<a href=\"https://laohu8.com/S/601238\">GAC Group</a>Zhongcheng Insurance, a shareholder, only achieved profitability eight years after its establishment, but lost nearly 200 million yuan in auto insurance last year. XPeng, ideal,<a href=\"https://laohu8.com/S/NIO\">Nio</a>as well as<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>They have all launched insurance business, and their performance is not satisfactory. BYD can't be too optimistic either. \"</p><p><strong>4. Insurance, another struggle for BYD's ecosystem</strong></p><p><p style=\"text-align: justify;\">As we all know, BYD is not only an automobile company, but also a technology company. Wang Chuanfu has been committed to building an ecological enterprise with electric vehicles as its core.</p><p><p style=\"text-align: justify;\">The new energy vehicle industry chain has ushered in a good opportunity for rapid development under the background of \"double carbon\", and BYD's total market value has also risen. The total market value rose from 35.7 billion yuan in September 2012 to 728.1 billion yuan (as of the close on May 9).</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9a7884d0f4bfdd29d23199bc67375a68\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"608\"/></p><p><p style=\"text-align: justify;\">In terms of power batteries, Wang Chuanfu, a battery professional, understands batteries better than any new energy car company. With his painstaking polishing, BYD is the only power battery company in China with a full industrial chain. Even in the field of charging, it is at the forefront of the industry, reaching strategic cooperation with major first-tier cities in China, and establishing more than 30 charging alliances. Its charging pile products have passed the certification of automotive safety certification agencies and government standards around the world. In the field of batteries, BYD has become an unswerving authority. Even its competitor Tesla uses BYD's batteries, which shows that BYD's batteries do have advantages.</p><p><p style=\"text-align: justify;\">BYD Semiconductor is also BYD's trump card and a strong support for energy technology. BYD even has plans to spin off its semiconductors and go public. After listing, BYD Semiconductor will focus on automotive-grade semiconductors, simultaneously promote the development of semiconductor business in industry, home appliances, new energy, consumer electronics and other fields, and strive to become an efficient,<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>, integrated new semiconductor suppliers. Wang Chuanfu's ecosystem layout has initially taken shape, and Yi'an Property & Casualty Insurance will be another major support for the upgrade of BYD's ecosystem and an important piece of the puzzle of BYD's ecosystem. It can not only promote the digital upgrading of the new energy vehicle industry, but also seek to maximize the benefits of the new energy field in response to the call for green and low-carbon transformation. This is also Wang Chuanfu's ambition.</p><p><p style=\"text-align: justify;\">\"Once BYD successfully enters the auto insurance market, it can use its information advantage to reduce the premium of its own auto insurance, which will surely enhance its competitiveness. It is expected to break the embarrassment of'low fuel cost 'but expensive premium, enhance its own brand competitiveness, and build the moat of BYD brand. Build a closed-loop system of the whole industrial chain of new energy vehicles.\" Zhang Zhiyong is worried about BYD's entry into auto insurance, but still hopes that BYD can do what it wishes<a href=\"https://laohu8.com/S/01315\">Green Economy</a>The achievements made in the field have opened up a new development path for the global automobile industry. If BYD can make breakthroughs in auto insurance in the future, it will provide reference samples for more car companies. \"</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9bbbae088e4d64bba60243b5e93d9458\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"598\"/></p><p><p style=\"text-align: justify;\">Judging from the overall situation of new energy vehicle insurance in recent years, its insurance has been in a state of loss or slight profit. The reason is that new energy vehicles have not developed soon, and the amount of vehicle and accident data is insufficient to accurately approve the risks of new energy vehicles. It is also impossible to directly analyze the frequent problems of vehicle models through big data and improve them in time. Cui Dongshu, secretary-general of the Passenger Car Association, once said that excessive new energy vehicle insurance is not conducive to the promotion of new energy vehicles. New energy vehicle companies building their own insurance companies may be an idea to solve this problem.</p><p><p style=\"text-align: justify;\">For the insurance industry, BYD's entry is expected to subvert the traditional auto insurance pricing model and sales model; For BYD, winning the Internet insurance license of Yi'an Property & Casualty Insurance is expected to realize the independent development of new energy auto insurance, which can well feed back its own auto ecology; This merger is indeed a win-win situation for both companies.</p><p></body></html></p>","source":"lsy1588993976395","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>BYD acquires an insurance company for 3.6 billion yuan, what does Wang Chuanfu want to do?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBYD acquires an insurance company for 3.6 billion yuan, what does Wang Chuanfu want to do?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">BT财经</strong><span class=\"h-time small\">2023-05-11 14:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><strong><em><a href=\"https://laohu8.com/S/002594\">BYD</a>Buying an insurance company with 3.6 billion yuan shocked the industry.</em></strong><p style=\"text-align: justify;\">On May 9, according to an announcement from the China Banking and Insurance Regulatory Commission, BYD wholly acquired 100% of the shares of Yi'an Property & Casualty Insurance. Tianyancha information disclosed that BYD's purchase price was approximately 3.6 billion yuan. The original shareholders of Yi'an Property & Casualty Insurance emptied their shares and no longer held any shares. Since then, BYD has become the first Chinese-funded insurance company wholly owned by private shareholders in the insurance industry.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ca4e698bae4ba88f3f02165c5da4c9c4\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"1017\"/></p><p><p style=\"text-align: justify;\">Yi'an Property & Casualty Insurance, which was taken over in 2020, finally found a new owner after three years. However, BYD, which spent huge sums of money to acquire Yi'an Property & Casualty Insurance, experienced a decline in its stock price. At the close of trading on May 9, BYD's closing price was 250.11 yuan, a decrease of 1.54%. Compared with the high point of 288.82 yuan (February 9) during the year, the stock price dropped by 13.4%, and compared with the high point of 358.76 yuan in 2022, the drop reached 30.3%, and the market value evaporated by more than 300 billion yuan.</p><p><p style=\"text-align: justify;\">The market's concerns come from the fact that on July 15, 2022, Yi'an Property & Casualty Insurance entered the bankruptcy and reorganization procedure due to insolvency, and was burdened with huge debts. BYD's acquisition of Yi'an Property & Casualty Insurance is bound to eat these debts; In addition, the span between BYD and insurance business is too large, and insurance companies and 4S stores are in a game relationship. In the future, BYD may have the risk of mutual games between left and right hands. Why is BYD willing to take such a big risk to acquire Yian Property & Casualty Insurance?</p><p><strong>1. The fifth single shareholder insurance company</strong></p><p><p style=\"text-align: justify;\">One of the focuses of the market is that BYD holds 100% of Yi'an Property Insurance, which means that Yi'an Property Insurance has now changed from a multi-shareholder to a single shareholder of BYD.</p><p><p style=\"text-align: justify;\">The reason why this information point has attracted much attention is that in 2018, the former China Insurance Regulatory Commission issued the \"Measures for the Administration of Equity of Insurance Companies\", which clearly required the shareholder qualifications and shareholding ratios of Chinese-funded insurance companies. Among them, the shareholding ratio of a single shareholder cannot exceed one-third of the registered capital of the insurance company. In other words, a single shareholder can only hold up to 33.33% of the shares of the insurance company. The most recent example is<a href=\"https://laohu8.com/S/00175\">Geely Automobile</a>To invest in Hezhong Property & Casualty Insurance, the upper limit of its shareholding is 33.33%. Li Shufu also wanted to hold a wholly-owned share and become a single shareholder, but it was not approved.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/08c9d160e1da5f579d8c3a08c4b66cde\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"381\"/></p><p><p style=\"text-align: justify;\">BT Finance learned that as of April 31, 2023, there are a total of 89 qualified domestic property and casualty insurance companies, of which 13 are foreign-funded insurance companies, and only 4 of the other 76 insurance companies are 100% held by a single shareholder. Shares, these 4 companies are Huatai Property and Casualty Insurance, Bank of China Insurance, Sunshine Agriculture, and COSCO Shipping Captive Insurance, from a single shareholder<a href=\"https://laohu8.com/S/601988\">BANK OF CHINA</a>And China COSCO Shipping Group know that the strength and background of a single shareholder are strong.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/11739032cc3e0051470796ebdebd1c52\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"467\"/></p><p><p style=\"text-align: justify;\">Even so, it needs to be emphasized that these four shareholders were all before 2018, and after 2018, no insurance company is wholly owned by a single shareholder. It can be seen that it is not that Geely does not want to hold a single share, but that the relevant departments have failed to approve it, so that the property insurance license owned by a single shareholder is quite scarce.</p><p><p style=\"text-align: justify;\">According to analysts in the insurance industry, BYD's approval to become a sole proprietorship in Yi'an Property Insurance may be related to Article 88 of the Equity Management Measures. Inquire about the relevant provisions of the Measures for the Administration of Equity of Insurance Companies. The original text of Article 88 reads \"With the approval of the China Insurance Regulatory Commission, those who participate in the risk disposal of insurance companies, or those who undertake equity by designated institutions, are not subject to the restrictions stipulated in these Measures on shareholder qualifications, shareholding ratios, shareholding funds, etc.\"</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2c7d4661e8e8c6038ebed31f1d166612\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"650\"/></p><p><p style=\"text-align: justify;\">\"BYD's participation in the risk disposal of Yi'an Property & Casualty Insurance may be the reason why BYD can pass regulatory approval.\" The industry insider emphasized that BYD's sole proprietorship of Yi'an Property & Casualty Insurance is the first case in the industry and may provide reference for many bankrupt insurance companies later.</p><p><strong>2. Is the 3.6 billion license worth it?</strong></p><p><p style=\"text-align: justify;\">Compared with some views that Yi'an Property Insurance is a burden, some people in the industry hold different opinions: \"Yi'an Property Insurance is small in scale and has no heavy historical burden. It is indeed an excellent asset.\"</p><p><p style=\"text-align: justify;\">This is indeed the case. According to public information, although Yi'an Property & Casualty Insurance is not well-known and has not been established for a long time, it is one of the four approved professional Internet insurance companies in China. It was established in Shenzhen in February 2016. Unlike general insurance companies, which suffered losses in the early stage for a long time, Yi'an Property Insurance achieved a profit of 1.572 million yuan in the first year of its establishment, and its net profit increased to 7.11 million yuan in 2017, becoming a development model among many insurance companies.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f27ea851be13929fb23313dd5f1ceecb\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"608\"/></p><p><p style=\"text-align: justify;\">Immediate profit also made Yi'an Property & Casualty Insurance's layout too aggressive, and closely followed the online lending P2P platform to carry out related insurance business. It is the peak \", with a net loss of 199 million yuan in 2018, a continuous loss of 167 million yuan in 2019, and another loss of 262 million yuan in the first quarter of 2020. This is also the last performance disclosure of Yi'an Property & Casualty Insurance. As of March 31, 2022.</p><p><p style=\"text-align: justify;\">Insolvency is a fact, but its net assets are only-127 million yuan, which is almost a drop in the bucket for BYD, which has a revenue of more than 400 billion yuan.</p><p><p style=\"text-align: justify;\">In July 2020, Yi'an Property Insurance was directly taken over by the China Banking and Insurance Regulatory Commission. Also taken over during the same period were China Life Insurance,<a href=\"https://laohu8.com/S/00028\">Cheonan</a>Five property insurance companies including Property Insurance and Tianan Life Insurance. The original takeover period was one year, and after the expiration, the takeover was extended for another year until this year is the third year. In July 2022, a bankruptcy reorganization application was submitted to the Beijing Financial Court. Subsequently, in order to promote the reorganization work, Yi'an Property & Casualty Insurance publicly recruited strategic investors for reorganization.</p><p><p style=\"text-align: justify;\">On February 24, 2023, Yi'an Property & Casualty Insurance announced that the Beijing Financial Court issued the (2022) Jingpo No. 1 \"Civil Ruling\", ruling to approve the reorganization plan of Yi'an Property & Casualty Insurance and terminate the reorganization procedure. Yi'an Property & Casualty Insurance will promote the implementation of the reorganization plan according to law. Tianyancha also disclosed at the beginning of this year: \"BYD plans to acquire the equity of Yi'an Property & Casualty Insurance for 3.6 billion yuan.\"</p><p><p style=\"text-align: justify;\">Yi'an Property & Casualty Insurance is now insolvent and forced to sell itself, but it grew rapidly at the beginning of its establishment. In 2016, the premium income reached 220 million yuan in the first year of its establishment, and in 2017, it reached 845 million yuan, a year-on-year increase of 284%. In 2018, the premium income reached 1.294 billion yuan, an increase of 53%. As an Internet insurance company, compared with traditional insurance companies, Internet insurance companies have more obvious professional advantages in the technical field. Today, when consumers' consumption habits are gradually changing from offline to online, this advantage will make it convenient for Internet insurance companies to establish marketing channels directly facing customers, and at the same time, they can cooperate with third parties such as Taobao and Ctrip with high quality. In terms of digitalization, they have natural advantages over traditional insurance companies. Of course, what BYD values most is the shareholding of the fifth single shareholder, which is considered by the industry that \"3.6 billion yuan to buy a high-quality license is also a great value.\"</p><p><p style=\"text-align: justify;\">This is not the first time BYD has tested the insurance industry. As early as March 2022, BYD Insurance Brokerage Co., Ltd. was approved by the Shenzhen Municipal Administration for Market Regulation to be established. The acquisition of Yi'an Property & Casualty Insurance may be Wang Chuanfu's next big game.</p><p><strong>3. New energy auto insurance will be the main battlefield for future insurance companies</strong></p><p><p style=\"text-align: justify;\">Obviously, the ultimate goal of BYD's acquisition of Yi'an Property & Casualty Insurance will be to enter auto insurance, but judging from the current business scope of Yi'an Property & Casualty Insurance, it does not include auto insurance. According to Jiemian News, after BYD officially takes over Yi'an Property & Casualty Insurance, it will apply to the China Banking and Insurance Regulatory Commission for auto insurance business qualifications, mainly focusing on new energy vehicles.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fd034c599fa474bd8bdb80fd92f9d14a\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"581\"/></p><p><p style=\"text-align: justify;\">Some insurance industry practitioners believe that Yi'an Property Insurance is an Internet insurance company. According to relevant regulations, Internet insurance companies can only carry out Internet insurance business, and are not allowed to sell insurance products offline, nor are they allowed to sell insurance products offline through other insurance institutions. Under such circumstances, it is quite difficult to carry out auto insurance business. How to reconcile this contradiction in the future will become the key to BYD's successful entry into auto insurance.</p><p><p style=\"text-align: justify;\">BYD attaches great importance to auto insurance because auto insurance has always been the largest type of insurance in the property insurance industry, with<a href=\"https://laohu8.com/S/601319\">PICC</a>For example, the total revenue in 2022 will be 620.9 billion yuan, and the auto insurance revenue will reach 271.16 billion yuan, accounting for 44% of the total revenue. Auto insurance has become a battleground for property insurance companies. The rise of new energy vehicles provides more room for imagination for future auto insurance. New energy auto insurance will be the main battlefield for future insurance companies.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c110d41ca6d357e1821d77b14f5c6128\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"608\"/></p><p><p style=\"text-align: justify;\">Throughout 2022, China<a href=\"https://laohu8.com/S/600617\">National New Energy</a>Automobile retail sales were 5.6743 million units, a year-on-year increase of 90%.<a href=\"https://laohu8.com/S/000166\">Shenwan Hongyuan</a>Securities predicts that by 2025, the scale of new energy vehicle premiums will reach 154.3 billion yuan, and by 2030, it will reach 1.279 billion yuan, accounting for 31.3% of the total auto insurance premiums. BYD is the company with the highest market share, with a total sales of 1.869 million vehicles in 2022, and its market share will increase from 19.5% in 2021 to 31.7%. This means that for every 10 new energy vehicles sold, about 3 are BYD. According to BYD's sales since 2023, the market share will further increase, and BYD's production and delivery rate are expected to reach a new high in the future. Faced with trillion-level new energy auto insurance, BYD is naturally excited.</p><p><p style=\"text-align: justify;\">\"The higher BYD's sales, the greater the space for new energy auto insurance. BYD obviously doesn't want to give up this piece of fat meat. If every BYD can buy its own insurance, it will be a huge number for BYD.\" Zhang Zhiyong, an auto media person, is optimistic about the prospect of new energy auto insurance, believing that this is the driving force for BYD to enter the insurance industry. \"But it should be noted that insurance companies and 4S stores themselves are a game relationship, and now it may become a mutual game between left and right hands. Once this delicate relationship is not handled well, it will easily arouse resentment and resistance from consumers.\"</p><p><p style=\"text-align: justify;\">Although BYD has become the fifth sole proprietorship shareholder of an insurance company with a single shareholder, Zhang Zhiyong believes that everything will be fine without obtaining the license and qualifications. \"In the past, many car companies invested in insurance companies, and the development was not smooth. After Geely took over, Hezhong Property Insurance, its management changes frequently and its performance is not satisfactory, with a loss of nearly 100 million yuan in 2022.<a href=\"https://laohu8.com/S/601238\">GAC Group</a>Zhongcheng Insurance, a shareholder, only achieved profitability eight years after its establishment, but lost nearly 200 million yuan in auto insurance last year. XPeng, ideal,<a href=\"https://laohu8.com/S/NIO\">Nio</a>as well as<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>They have all launched insurance business, and their performance is not satisfactory. BYD can't be too optimistic either. \"</p><p><strong>4. Insurance, another struggle for BYD's ecosystem</strong></p><p><p style=\"text-align: justify;\">As we all know, BYD is not only an automobile company, but also a technology company. Wang Chuanfu has been committed to building an ecological enterprise with electric vehicles as its core.</p><p><p style=\"text-align: justify;\">The new energy vehicle industry chain has ushered in a good opportunity for rapid development under the background of \"double carbon\", and BYD's total market value has also risen. The total market value rose from 35.7 billion yuan in September 2012 to 728.1 billion yuan (as of the close on May 9).</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9a7884d0f4bfdd29d23199bc67375a68\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"608\"/></p><p><p style=\"text-align: justify;\">In terms of power batteries, Wang Chuanfu, a battery professional, understands batteries better than any new energy car company. With his painstaking polishing, BYD is the only power battery company in China with a full industrial chain. Even in the field of charging, it is at the forefront of the industry, reaching strategic cooperation with major first-tier cities in China, and establishing more than 30 charging alliances. Its charging pile products have passed the certification of automotive safety certification agencies and government standards around the world. In the field of batteries, BYD has become an unswerving authority. Even its competitor Tesla uses BYD's batteries, which shows that BYD's batteries do have advantages.</p><p><p style=\"text-align: justify;\">BYD Semiconductor is also BYD's trump card and a strong support for energy technology. BYD even has plans to spin off its semiconductors and go public. After listing, BYD Semiconductor will focus on automotive-grade semiconductors, simultaneously promote the development of semiconductor business in industry, home appliances, new energy, consumer electronics and other fields, and strive to become an efficient,<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>, integrated new semiconductor suppliers. Wang Chuanfu's ecosystem layout has initially taken shape, and Yi'an Property & Casualty Insurance will be another major support for the upgrade of BYD's ecosystem and an important piece of the puzzle of BYD's ecosystem. It can not only promote the digital upgrading of the new energy vehicle industry, but also seek to maximize the benefits of the new energy field in response to the call for green and low-carbon transformation. This is also Wang Chuanfu's ambition.</p><p><p style=\"text-align: justify;\">\"Once BYD successfully enters the auto insurance market, it can use its information advantage to reduce the premium of its own auto insurance, which will surely enhance its competitiveness. It is expected to break the embarrassment of'low fuel cost 'but expensive premium, enhance its own brand competitiveness, and build the moat of BYD brand. Build a closed-loop system of the whole industrial chain of new energy vehicles.\" Zhang Zhiyong is worried about BYD's entry into auto insurance, but still hopes that BYD can do what it wishes<a href=\"https://laohu8.com/S/01315\">Green Economy</a>The achievements made in the field have opened up a new development path for the global automobile industry. If BYD can make breakthroughs in auto insurance in the future, it will provide reference samples for more car companies. \"</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9bbbae088e4d64bba60243b5e93d9458\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"598\"/></p><p><p style=\"text-align: justify;\">Judging from the overall situation of new energy vehicle insurance in recent years, its insurance has been in a state of loss or slight profit. The reason is that new energy vehicles have not developed soon, and the amount of vehicle and accident data is insufficient to accurately approve the risks of new energy vehicles. It is also impossible to directly analyze the frequent problems of vehicle models through big data and improve them in time. Cui Dongshu, secretary-general of the Passenger Car Association, once said that excessive new energy vehicle insurance is not conducive to the promotion of new energy vehicles. New energy vehicle companies building their own insurance companies may be an idea to solve this problem.</p><p><p style=\"text-align: justify;\">For the insurance industry, BYD's entry is expected to subvert the traditional auto insurance pricing model and sales model; For BYD, winning the Internet insurance license of Yi'an Property & Casualty Insurance is expected to realize the independent development of new energy auto insurance, which can well feed back its own auto ecology; This merger is indeed a win-win situation for both companies.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/dwwpQUFI5MkQoQ1ZsVlneA\">BT财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f27ea851be13929fb23313dd5f1ceecb","relate_stocks":{"SG9999001226.SGD":"UNITED SUSTAINABLE ASIA TOP 50 \"A\" (SGD) ACC","00285":"比亚迪电子","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","002594":"比亚迪","BK0183":"MSCI概念","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU1580142542.USD":"Blackrock Systematic China A-Share Opportunities A2 USD","BK1522":"燃料电池","BK1539":"汽车股","EVS.SI":"MSCI China Electric Vehicles and Future Mobility ETF-NikkoAM","BK0155":"锂电池","LU1781817850.SGD":"Blackrock Systematic China A-Share Opportunities A2 SGD-H","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","BK1119":"汽车制造商","BK0169":"共享汽车","01211":"比亚迪股份","BK1504":"苹果概念","BK0196":"行业龙头","SG9999015978.USD":"利安颠覆性创新基金A","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC"},"source_url":"https://mp.weixin.qq.com/s/dwwpQUFI5MkQoQ1ZsVlneA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146260894","content_text":"比亚迪用36亿元买了一家保险公司震惊业界。5月9日，据中国银保监会公告可知，比亚迪全资收购易安财险100%的股份，天眼查信息披露，比亚迪收购价约为36亿元。易安财险原来的各股东清空手中股票，不再持有任何股份，自此比亚迪成为保险行业内第一例民营股东独资的中资险企。2020年被接管的易安财险，耗时三年终于找到新东家。但斥巨资收购易安财险的比亚迪却迎来了股价下跌，5月9日收盘，比亚迪收盘价250.11元，跌幅为1.54%。和年内股价高点288.82元（2月9日）相比，跌幅13.4%，和2022年358.76元的高点相比，跌幅达30.3%，市值蒸发超3000亿元。市场的担忧情绪来自于，易安财险2022年7月15日，因资不抵债进入破产重整程序，背负了巨额债务，比亚迪并购易安财险，势必要吃下这些债务；此外比亚迪和保险业务跨度太大，而且保险公司和4S店是博弈关系，未来比亚迪或有左右手互博的风险。比亚迪为何甘冒如此大风险也要并购易安财险？1、第五家单一股东险企市场关注的重点之一是比亚迪100%持股易安财险，也就是说易安财险现在已经由多股东变成了比亚迪单一股东。这个信息点之所以备受关注，是因为2018年原保监会下发《保险公司股权管理办法》，对中资险企的股东资质和持股比例，进行明确要求。其中对单一股东的持股比例不能超过险企注册资本的三分之一，也就说，单一股东最多只能持有险企股份的33.33%，最近的例子就是吉利汽车入股合众财险，其持股的上限就是33.33%。李书福也想全资持股成为单一股东，但未获批准。BT财经了解到，截至2023年4月31日，国内有资质的财险公司共计89家，其中有13家为外资险企，其他76家险企中只有4家险企为单一股东100%持股，这4家分别为华泰财险、中银保险、阳光农业、中远海自保，从单一股东中国银行和中国远洋海运集团就知道单一股东的实力强劲和背景强大。即便如此，需要特别强调的是，这4家入股时间都是在2018年之前，2018年以后没有任何一家险企是单一股东全资。由此可见，不是吉利不想单一持股，而是相关部门未能批复，以至于单一股东独资的财险牌照相当稀缺。保险行业人士分析称，比亚迪能够获批独资易安财险，可能与股权管理办法的第八十八条有关。查询保险公司股权管理办法相关条文，第八十八条内容原文是“经中国保监会批准，参与保险公司风险处置的，或者由指定机构承接股权的，不受本办法关于股东资质、持股比例、入股资金等规定的限制。”“比亚迪参与易安财险的风险处置，这或是比亚迪能通过监管部门批准的原因。”该业内人士强调，目前比亚迪独资易安财险，是行业的第一例，可能会为后来众多破产的保险公司提供借鉴和参考。2、36亿的牌照值不值？相较于一些观点认为易安财险是个包袱，有业内人士持不同意见：“易安财险规模较小，历史包袱不重，确实是优良资产。”事实确实如此，据公开资料显示，易安财险虽然名气不大，成立时间也不算长，但却是国内四家获批设立的专业互联网保险公司之一，2016年2月成立于深圳。和一般保险公司前期亏损很久不同，易安财险在成立的第一年就实现了157.2万元的盈利，2017年净利润则提升至711万，成为众多保险公司中的发展楷模。成立即盈利也让易安财险布局过于激进，并紧跟网贷P2P平台开展相关保险业务，但不幸的是，易安财险押宝失败，网贷P2P平台相继爆雷，易安财险“出道即巅峰”，2018年净亏损1.99亿元，2019年持续亏损1.67亿元，而2020年一季度再度亏损2.62亿元，这也是易安财险最后一次业绩披露，截至2022年3月31日，易安财险资产总计3.34亿元，负债合计4.62亿元，股东（或所有者）权益合计-1.27亿元，账面资产小于负债，已经进入资不抵债的境地。资不抵债是事实，但净资产仅为-1.27亿元，这对营收超过4000亿元的比亚迪几乎是九牛一毛。2020年7月易安财险被银保监会直接接管，同期被接管的还有华夏人寿、天安财险、天安人寿等5家财险公司。本来接管期限为一年，到期后又延长接管一年，直至今年已是第三年。2022年7月向北京金融法院提交破产重整申请。随后为推进重整工作开展，易安财险公开招募重整战略投资者。2023年2月24日，易安财险公告，北京金融法院作出(2022)京破1号之一《民事裁定书》，裁定批准易安财险重整计划，并终止重整程序。易安财险将依法推进重整计划的执行工作。天眼查也于今年年初披露：“比亚迪拟以36亿元收购易安财险股权。”易安财险如今资不抵债被迫卖身，但在成立之初增长迅猛，2016年成立第一年保费收入就达2.2亿元，2017年达8.45亿元，同比增长284%，2018年保费收入达12.94亿元，增幅为53%。作为互联网保险企业，相比传统保险公司以渠道倾斜方式触网，互联网保险公司在技术领域的专业优势更为明显，在消费者消费习惯由线下逐渐向线上转变的今天，这一优势将使互联网保险公司方便建立直接面对客户的营销渠道，同时可以高质量地与淘宝、携程等第三方合作，在数字化方面，比传统保险公司具备天然优势。当然最让比亚迪看重的还是第五家单一股东持股，被业内认为“36亿买个优质牌照也超值。”这并不是比亚迪首次试水保险行业，早在2022年3月比亚迪保险经纪有限公司获深圳市市场监督管理局批准成立，收购易安财险，或是王传福在下一盘大棋。3、新能源车险是未来险企主战场很显然，比亚迪收购易安财险的最终目的会进军车险，只是从易安财险目前的经营范围来看，并不包括车险，据界面新闻报道，比亚迪正式接手易安财险后，将会向银保监会申请车险方面经营资质，主要围绕新能源汽车开展保险业务。有保险行业从业者认为，易安财险是一家互联网保险公司，根据相关规定，互联网保险公司只能开展互联网保险业务，不得线下销售保险产品，也不得通过其他保险机构线下销售保险产品。这样的情况下，开展车险业务，难度颇大。未来如何调和这一矛盾，将成为比亚迪能否成功进入车险的关键所在。比亚迪如此看重车险，是因为车险一直是财险业第一大险种，以中国人保为例，2022年总营收6209亿元，车险营收达2711.6亿元，占总营收的44%。车险已经成为财险公司的必争之地。而新能源汽车的兴起，则为未来车险提供了更多的想象空间，新能源车险，将是未来险企的主战场。2022年全年，中国新能源汽车零售销量为567.43万辆，同比增长90%。申万宏源证券预计，到2025年，新能源汽车保费规模将达1543亿元，2030年将达12790亿元，占车险总保费的31.3%。而比亚迪是占据市场份额最高的一家，2022年全年共计销售186.9万辆，市场份额由2021年19.5%提升至31.7%，这意味着每销售10辆新能源汽车，就有3辆左右是比亚迪。根据比亚迪2023年以来的销量来看，市场占有率会进一步提升，未来比亚迪的产量和交付率有望再创新高。面对万亿级的新能源车险，比亚迪自然心动。“比亚迪销量越高，新能源车险的空间越大，比亚迪显然不想让这块肥肉拱手相让，如果每辆比亚迪都能买自己家的保险，对比亚迪来说将是一笔庞大的数字。”汽车媒体人张智勇看好新能源汽车车险的前景，认为这是比亚迪进军保险业的动力所在。“但需要注意的是，保险公司和4S店本身是一个博弈的关系，现在可能变成了左右手互博，这种微妙的关系一旦处理不好，也容易引起消费者的反感和抵制。”虽然比亚迪已经成为第五家单一股东的险企独资股东，但张智勇认为不是拿下牌照和资质就万事大吉了，“以前不少车企入股险企，发展并不顺利，吉利入主后的合众财险，其管理层变动频繁，业绩也不理想，2022年亏损近1亿元，广汽集团入股的众诚保险成立8年后才实现盈利，但在车险方面去年亏损近2亿元。小鹏、理想、蔚来以及特斯拉都开展了保险业务，业绩也都不如人意。比亚迪也不能过于乐观。”4、保险，比亚迪生态圈的又一拼众所周知，比亚迪不仅是一家汽车企业，还是一家科技公司，王传福一直致力打造以电动车为核心的生态型企业。新能源汽车产业链在“双碳”的大背景下迎来了高速发展的良机，比亚迪的总市值也水涨船高。总市值由2012年9月的357亿元涨至7281亿元（截至5月9日收盘）。在动力电池方面，电池专业出身的王传福比任何一家新能源车企都更懂电池，在他的潜心打磨下，比亚迪是国内唯一拥有全产业链的动力电池企业。甚至在充电领域，也走在行业前列，与国内各大一线城市达成战略合作，成立了三十多个充电联盟。其充电桩产品通过了全球各地的汽车安全认证机构及政府标准认证。在电池领域，比亚迪成为当仁不让的权威，连竞争对手特斯拉都采用比亚迪的电池，可见比亚迪电池确实有过人之处。比亚迪半导体同样是比亚迪的王牌，是能源科技的有力支持。比亚迪甚至有分拆其半导体上市的计划，上市后，比亚迪半导体将以车规级半导体为核心，同步推动工业，家电，新能源，消费电子等领域的半导体业务发展，致力于成为高效，智能，集成的新型半导体供应商。王传福的生态圈布局已经初步成型，而易安财险将是比亚迪生态圈升级的又一大支撑，也是比亚迪生态圈的一块重要拼图。不仅能够推动新能源汽车行业数字化升级，还能在响应绿色低碳转型的号召下，谋求新能源领域的利益最大化。这也是王传福的野心所在。“一旦比亚迪成功打入车险市场，能借助其信息优势，降低自家车险的保费，必能增强竞争力。有望打破‘油费低’但保费贵的尴尬，提升自身品牌竞争力，构筑比亚迪品牌的护城河。构建起新能源汽车全产业链的闭环体系。”张智勇对比亚迪进军车险有所担忧，但还是希望比亚迪能够如愿，“比亚迪一直积极布局汽车领域实现生态圈，其在新能源绿色经济领域所取得的成绩，为全球汽车产业开辟出崭新的发展路径。未来如果比亚迪能在车险方面有所突破，将会为更多车企提供参考的样本。”结合近几年新能源汽车车险的整体状况来看，其保险一直处于亏损或者微盈的状态，原因是新能源车发展不久，车辆和事故数据量不够，无法准确核准新能源车风险。也无法直接通过大数据分析车型多发问题及时改进。乘联会秘书长崔东树曾表示，新能源车险过高不利于新能源车推广，新能源车企自建保险公司或是解决这一难题的一种思路。对于保险业而言，比亚迪的入局有望颠覆传统车险定价模式和销售模式；对于比亚迪来说，拿下易安财险这块互联网保险牌照，有望实现新能源车险自主开发，可以很好地反哺自身汽车生态；这起并购对两家公司来说确实是一次双赢。","news_type":1,"symbols_score_info":{"002594":0.9,"01211":0.9,"00285":0.9,"EVS.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":477,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
