New reports are suggesting the heads of Alibaba and Tencent are once-again investing in the insurance sector.
Alibaba founder Jack Ma and Tencent Chair Pony Ma have reportedly become the new backers of Ping'An Insurance Group's latest share offering in Hong Kong, which is said to be worth nearly 5-billion US dollars.
The share offering of close to 37-billion Hong Kong Dollars is one of the largest share offerings of the year in Hong Kong.
Alibaba has confirmed the deal, saying it is Jack Ma's personal cash being used.
Tencent hasn't commented.
Ping'An Insurance is chaired by Ma Mingzhe.
The new investment is the 2nd time the so-called "three Ma's" have come together.
The three, along with a group of others, established Zhong'An Online Insurance last year, which is China's first online insurance retailer.
During Zhong'An's first three quarters of operation, the company scored nearly 50 million US dollar worth of insurance deals.
For more on the new investments, we are joined now live by Benjamin Cavender, Principal at China Market Research.
