Briefly

Insurance sector on steady track

The insurance sector maintained steady operations in the country last year, with the solvency adequacy ratio remaining in an appropriate range, the banking and insurance regulator said. The average comprehensive solvency ratio of the 178 insurers reviewed at a regulatory meeting stood at 246.3 percent by the end of last year, according to the China Banking and Insurance Regulatory Commission. Their average core solvency ratio hit 234.3 percent, said the CBIRC. The average comprehensive solvency ratio of life insurance companies, property insurance companies and reinsurance companies stood at 239.6 percent, 277.9 percent and 319.3 percent, respectively.

CNOOC inks energy pact with Petronas

China National Offshore Oil Corp, one of the country's three major oil and gas companies, has signed a memorandum of understanding with Malaysia's state oil firm Petronas to expand their collaboration on energy security and cleaner energy solutions, the Chinese State oil giant said on Monday. Based on the two sides' current relationship in liquefied natural gas and upstream projects, CNOOC, the country's largest offshore oil and gas producer, and Petronas, the world's fourth-biggest LNG exporter, will further collaboration across the supply chain, including refining, oilfield and engineering services, specialty chemicals, lubricants and renewable energy.

Bilibili gets nod for secondary float in HK

Bilibili Inc, a Chinese mainland video site, has won regulatory approval for a secondary listing in Hong Kong, according to a document with the city bourse on Tuesday. The document did not specify how much the US-listed technology firm is looking to raise through the share sale. Bloomberg News previously reported the number could reach $3 billion, citing insiders. The company did not comment. Raking in revenue of roughly 12 billion yuan ($1.85 billion) last year, Bilibili saw monthly active users, a key gauge of user loyalty in the internet sector, rise 55 percent to reach 202 million from a year ago.

Xinhua - China Daily