China’s Jinzhou Port has announced that it will invest RMB50m ($7.6m) to set up a subsidiary to tap into the insurance brokerage business.
The new company, named Jingang Insurance Brokerage, will be registered in Tianjin.
Jinzhou Port said the new company will help enhance company profitability and further complete the company’s expansion into the financial sector.
The subsidiary is still waiting approval from China Insurance Regulatory Commission.
Jinzhou Port is major grain shipping port in Northeast China, completing a cargo throughput of 52.67m tons in the first half of 2017, up 18% year-on-year.