Photo/Shetuwang

July 25 (NBD) -- China's e-commerce powerhouse JD.com will invest 483 million yuan (71.0 million U.S. dollars) for a 30 percent stake in Allianz China General Insurance Company Ltd. (Allianz China), the China unit of German insurance giant Allianz SE (Allianz).

The China Banking and Insurance Regulatory Commission has approved the transaction which will make JD.com the second largest shareholder in Allianz China.

The injection from JD.com and three other Chinese firms will raise the registered capital of Allianz China to 1.61 billion yuan (236.6 million U.S. dollars) from previous 805 million (118.3 million U.S. dollars).

Upon completion of the deal, Allianz China will turn from a wholly foreign-owned company into a joint venture in which Allianz will be the largest shareholder with a 50 percent stake.

JD.com's investment in Allianz China marks the e-commerce giant's ambitious push into the Internet finance sector following Baidu, Alibaba and Tencent.

Inaugurated in 2010 in Guangzhou, Allianz China offers a wide range of insurance services including auto, property, liability, marine, engineering, and domestic credit insurance, as well as short-term health insurance and accident insurance for individual and corporate clients, according to the insurer's website.

Email: gaohan@nbd.com.cn