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CGN, Taikang reach strategic cooperation

2017-12-12

China General Nuclear Power Corporation (CGN) signed a strategic cooperation agreement with Taikang Insurance Group, one of the country’s major players in the insurance industry, in Shenzhen, Guangdong province, on Dec 12.

Shi Bing(R), CGN senior vice president and Taikang Group Executive Vice President Duan Guosheng sign the agreement for strategic cooperation in Shenzhen on Dec 12.

CGN Senior Vice President Shi Bing and Duan Guosheng, executive vice president of Taikang Group, signed the agreement which was witnessed by Ren Chunsheng, director of the Insurance Funds Supervision Department of the China Insurance Regulatory Commission, CGN Chairman He Yu, and Taikang Group President Chen Dongsheng.

The move signals that the two sides will establish a comprehensive strategic partnership.

They are expected to integrate industry and financing, speed up all-round cooperation in debt and equity investment, and help the transformation and upgrading of their businesses.

Meanwhile, CGN and Taikang will carry out strategic cooperation on energy, power supply, development and management of uranium resources to realize a win-win result through direct financing, establishment of an industrial investment fund and industrial mergers and acquisitions.

They will also join hands in projects involving medical service and health and elder care, giving full play to their partner’s advantages and resources.

Ren Chunsheng said the cooperation “enjoys great development potential”, since it was a decision made in response to the State Council’s decision to support real economy with financing services and the national strategy of developing nuclear power.

The regulatory department will encourage the insurance institutions to better serve the national strategies and the development of real economy, he added.

CGN Chairman He Yu said the company cherishes the long-term strategic partnership with Taikang and will explore more new fields for cooperation to achieve further development on both sides.

CGN Chairman He Yu makes a speech at the signing ceremony.

Chen Dongsheng called Taikang’s serving the country’s real economy through cooperating with an industrial enterprise “another great breakthrough”.

As China's largest -- and the world's fifth largest -- -nuclear operator, CGN is also a key player in the world’s clean energy industry. More than 20 percent of its total revenue comes from its overseas businesses in more than 20 countries.

CGN Chairman He Yu (R) poses for photo with Taikang CEO Chen Dongsheng.

A group photo of the attendees of the signing ceremony.

Thanks to the national Belt and Road Initiative, CGN has made breakthroughs in nuclear power, nuclear fuel and new energy. It has also brought its cutting-edge products and technologies to the global market.

The nuclear power giant has achieved massive success in investing abroad, such as constructing the UK nuclear power projects -- China’s largest investment in Europe, developing the Husab Uranium Mine, which is China’s largest industrial investment project in Africa, becoming the largest independent power producer in Egypt and Bangladesh, and acquiring Belgium's largest onshore wind farm.

Taikang is a large insurance and financial service conglomerate engaged mainly in insurance, asset management and health and elder care.

Through its nationwide distribution channels and online platform, Taikang aims to create an O2O health ecosystem driven by its “Four-in-One” business model featuring “vibrant elder care, high-end medical services, premier wealth management and ultimate end-of-life care”.

The cooperation is expected to facilitate CGN’s participation in the Belt and Road construction through Taikang’s funding advantages.