Chinese insurtech XChange TEC INC has acquired a Hong Kong-based insurance broker, establishing a base to expand its services across China and international markets.
The company said the acquisition supports its strategy for regional expansion in the Asia-Pacific. It did not disclose the name of the acquired firm. Attempts to contact the broker were unsuccessful.
According to XChange TEC INC, insurance demand in Hong Kong continues to grow, driven by clients from mainland China and expatriates seeking international-standard financial protection.
The company noted that Hong Kong’s position as a financial hub provides access to high net worth individuals, multinational companies, and cross-border investors.
With this move, XChange TEC INC aims to offer centralized access to insurance services for clients seeking both risk protection and financial planning options.
It stated that Hong Kong’s regulatory environment allows the delivery of insurance products that meet current market demands across the region.
XChange TEC INC operates in both insurance agency and insurance technology segments. Its agency business holds a license in mainland China and offers various products nationwide.
These include coverage underwritten by major national insurers, including state-owned and regional property and casualty firms.
The company’s technology division develops insurance software in China, including a SaaS platform to connect consumers with underwriting systems.
In a separate development, Chinese insurtech AIX Inc. recently reported receiving a written notice from Nasdaq, stating that its American depositary shares fell below the minimum price requirement and must be brought back into compliance.
XChange TEC INC is a technology-driven insurance services provider headquartered in China. They have a presence in both the PRC (People’s Republic of China) and Hong Kong.
Specifically, they operate an insurance agency in the PRC with a nationwide scope and an insurance technology business. Recently, they acquired a licensed insurance brokerage firm in Hong Kong to expand their market presence and strengthen their foothold in key financial hubs.
