China's Anbang Insurance Group said Monday that the selection of strategic shareholders is underway.

The company has ample cash flow and is operating steadily, according to a statement issued on its website by the government working group that has taken over the company.

In April, the working group said the banking and insurance industry watchdog had approved a 60.8-billion-yuan (about 9.5 billion U.S. dollars) capital injection plan for the company, with its registered capital standing at 61.9 billion yuan (9.7 billion U.S. dollars) after the injection.

The working group also said the insurer would start the selection of new strategic shareholders, with large private companies in elderly care, healthcare, and fintech being welcome to take part in the restructuring. 

This came after the company was put under a year-long government takeover in February in light of its former chief being prosecuted for economic crime. Wu Xiaohui, former chairman and general manager of Anbang Insurance Group, was sentenced to 18 years in prison for fundraising fraud and embezzlement of corporate funds.

Email: lansuying@nbd.com.cn