China Banking and Insurance Regulatory Commission, the country's banking and insurance regulator, gave green light to China's e-commerce giant JD to invest 483 million yuan ($71.12 million) into Allianz China General Insurance Company Ltd for a 30 percent stake in the company on July 24.

JD.com shows its smart technology in e-commerce to the visitors at the 2nd World Intelligence Congress in Tianjin on May 18, 2018. (Photos: VCG)

The investment, though smaller than the previously announced 537 million yuan in April, will still make JD the second-largest shareholder in Allianz China General Insurance Company Ltd, furthering its push into the financial sector.

The logo of German insurer Allianz stands on the company's office buildings at Treptowers in Berlin, Feb 23, 2010.

Three other Chinese companies, China Sinda, Shenzhen Huijing Tongda, and Shanghai Snow Light Capital will take 12.4 percent, 4.27 percent, and 3.33 percent stake respectively in Allianz China after the transaction.
Founded in 2003, the China unit of global insurance giant Allianz SE, with registered capital increasing from 805 million yuan to 1.61 billion yuan after the transaction, will become a Sino-Germany joint venture with the German part owning 50 percent of stake.
According to the 2017 China Internet Finance Annual Report released by the National Internet Finance Association of China, the industry competition will be intensified and diversified in the future, as the integrating of insurance and internet sectors. Cross-shareholding and multi-stakeholder partnerships will become a new normal.