CCTV News: The State Administration for Financial Supervision and Administration issued a notice on matters related to Hong Kong and Macao financial institutions' investment in insurance companies.
In October 2024, the Mainland and Hong Kong and Macao signed the "Agreement II on the Service Trade Agreement on the Arrangement of the Mainland and Hong Kong on Establishing Closer Economic and Trade Relations" and the "Agreement II on the Service Trade Agreement on the Arrangement of the Mainland and Macao on Establishing Closer Economic and Trade Relations" respectively, which adjusted the qualification requirements for Hong Kong and Macao financial institutions to invest in domestic insurance companies. According to Article 4 of the Foreign Investment Law of the People's Republic of China and Article 48 of the "Regulations on the Implementation Law of the People's Republic of China", the following notice is hereby issued on relevant matters:
From March 1, 2025, Hong Kong and Macao financial institutions will invest in insurance companies and will no longer implement the provision that "total assets shall not be less than US$2 billion at the end of the last year."
