The China Insurance Regulatory Commission recently approved the application of Shanghai-based Da Zhong Insurance Co Ltd for a change of stock ownership, in which the State-owned Assets Supervision and Administration Commission of Shanghai Municipal Government will transfer 39 percent of its shareholding of the insurance company to Starr Companies of the United States.
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The transfer of shareholdings in Da Zhong marks a new milestone in Shanghai's reform of State-owned assets and SOEs. The Shanghai management department of State-owned financial assets said they would seek a way to carry out the reform that best suits companies' development by maximizing market forces.