Frankfurt-based Allianz Global Investors has become the first foreign firm to own a stake in China’s Guomin Pension.
Allianz Global Investors (AllianzGI) has subscribed to newly issued shares representing 2 percent of Guomin Pension, according to a statement. The stake was worth 228 million yuan ($31.4 million), resulting in a total registered capital of 11.4 billion yuan at the Chinese pension insurance giant.
Jointly launched by China's largest banks and insurers, state-owned Guomin Pension was established in 2022 to promote the development of the country's private pension market.
The stake purchase follows AllianzGI’s obtainment of approval in April from regulators to operate as a wholly foreign-owned public fund management company in mainland China.
