Insurance giant American International Group (AIG) has stepped into the technology sector by setting up a software company in Beijing, according to vice-chairman of life insurance Edmund Tse.
The wholly owned company - AIA Everlasting - will design software systems.
AIG may list the subsidiary in two to three years, Mr Tse said.
'This is AIG's first move into the high-technology business,' Mr Tse said.
'We have no intention of making high-technology one of our core businesses, but it is a good move to diversify our sources of income.' Mr Tse said AIA Everlasting was based in Beijing because of the city's many computer experts.
He said AIG would apply to mainland authorities for permission to conduct insurance business in more mainland cities.
After the mainland joins the World Trade Organisation, authorities are likely to grant permission for overseas insurance firms to operate in 12 cities.