China PICC refers to PICC Investment Holding Co., Ltd., whose parent company is China People's Insurance Group, one of the largest insurance groups in China.

Wenhua refers to "China Wenhua Investment Holding Co., Ltd." under People's Daily. I don't need to explain this.

China PICC invested 862 million yuan to hold 55% shares of Wenhua Holdings.

The holding company has a subsidiary named "Shanghai Xinhua Wen Investment Co., Ltd.".

Shanghai Xinhua Newspaper has two listed companies, namely Wenhua Media (000793) and New Huangpu (600638). Among them, New Huangpu is the financial platform of Wenhua Holdings, and all financial enterprises are under the banner of New Huangpu.

The financial enterprises held by New Huangpu are as follows:

Wenhua Futures 100% equity

43.75% equity of Ricky Futures

A 40% stake in Mike Futures

29.97% equity of Zhongtai Trust

Guoyuan Trust holds 49% equity, and its China Source Trust also holds 22% equity of Guoyuan Securities, making it the largest shareholder of Changsheng Fund.

Aijian Securities 5.9 1% equity

In other words, after China PICC holds Wenhua Holdings, it will indirectly own the equity of the above-mentioned financial enterprises.

Including securities, futures, trusts and funds.

These are the four financial licenses mentioned in the report (securities, futures, trusts and funds). It is very difficult to approve these financial licenses separately. Through this transaction, we can get four licenses, which is of course what China people want.

After the transaction is completed, China PICC will become the third financial holding group with insurance company as the main body after China Ping An and China Life Insurance. Of course, PICC China still has a long way to go to build a financial holding company and needs a lot of follow-up work to integrate and sort it out.