Didi Chuxing’s diversification gains momentum as it buys large stake in Hyundai Insurance China
- Dirun Tianjin Technology, a unit of the Beijing-based ride-hailing giant, bought a 32 per cent stake in Hyundai Insurance China
- Didi is the second-largest shareholder in the insurer along with Legend Holdings
Didi Chuxing, China’s largest ride-hailing platform, has forayed into insurance, ramping up its diversification efforts even as the deadly coronavirus outbreak hits demand for its bread and butter transport services.
Dirun Tianjin Technology, a subsidiary of the Beijing-based tech giant, took a 32 per cent stake in Hyundai Insurance China, the China Insurance Regulatory Commission said on its website on Tuesday.
Legend Holdings, the controlling shareholder of computer maker Lenovo Group, also acquired a similar stake. The Didi unit and Legend are now the second-biggest shareholders after Hyundai Marine and Fire Insurance’s 33 per cent. Hyundai Marine sold the stakes for a combined 1.1 billion yuan (US$158 million), the regulator said.
With ties to the South Korean conglomerate Hyundai, the Beijing-based insurer’s operations cover auto, casualty, property, health and reinsurance.
A Didi spokesman declined to comment on the investment.