Yunfeng Financial Group Announces Completion of Acquisition of MassMutual Asia Ltd.
November 16, 2018 Hong Kong
Yunfeng Financial Group Limited (“Yunfeng FG”, HKSE: 376.HK) announces today that, after obtaining relevant regulatory approvals, the acquisition of MassMutual Asia Limited (“MassMutual Asia”) by Yunfeng FG and several other investors from MassMutual International LLC has been completed. The transaction officially closed on November 16, 2018. With the completion of the transaction, Yunfeng Financial International Holdings Limited, a wholly owned subsidiary of Yunfeng FG, has become the major shareholder in MassMutual Asia, holding 60% of its issued shares. The remaining interest in MassMutual Asia is held by other investors, including GIC, Singapore’s sovereign wealth fund; and several other strategic investors. At the same time, MassMutual International LLC continues to have an indirect interest in MassMutual Asia by holding shares in Yunfeng FG.
Mr. Yu Feng, Chairman of Yunfeng FG, said, “MassMutual Asia’s insurance products will broaden the spectrum of Yunfeng FG’s financial product offerings and significantly contribute to accelerating the growth of its financial-services ecosystem. MassMutual Asia’s strong distribution capability and its well-trained agent force, combined with Yunfeng FG’s cutting-edge expertise in software engineering, will further enhance the customer experience and strengthen its distribution and service capabilities. In addition, the transaction will create a remarkable synergy between Yunfeng FG and MassMutual Asia, taking both parties’ businesses to new heights.”
Mr. K.P. Tay, Managing Director and Chief Executive Officer of MassMutual Asia, said: “The change marks a significant milestone for MassMutual Asia, ushering in an exciting new era in our business development. We will leverage our existing competitive advantage, coupled with our new shareholder’s advanced FinTech capabilities and solid financial strength, to seize every market opportunity to grow our business from strength to strength. We envision becoming a FinTech Insurance Company. We are committed to delivering an engaging customer experience and value-added services by offering our suite of innovative and flexible products, the support of our professional financial consultants and advanced service platforms.”
After the completion of the transaction, MassMutual Asia’s management team, staff and agencies remain intact. The day-to-day management and business operations of the company also remain unchanged. Policyholder benefits are not affected by the change. Following the transaction, MassMutual Asia will undergo a rebranding exercise with a focus on shaping a stronger brand and competitive advantage.
Headquartered in Hong Kong and operating a branch office in Macau, MassMutual Asia has some 2,700 consultants committed to providing clients with professional one-stop risk- and wealth-management services. MassMutual Asia is dedicated to constantly breaking new ground in product and service innovations. It has pioneered a number of financial planning solutions in protection, investment and retirement products and services, and has been honored with many awards and recognitions. MassMutual Asia also operates several subsidiaries in Hong Kong, including MassMutual Trustees Ltd., which focuses on MPF, and MassMutual Insurance Consultants Ltd., which handles general insurance business.
Yunfeng Financial Group Limited is incorporated in Hong Kong and listed on the Main Board of The Stock Exchange of Hong Kong Limited (Stock code: 376.HK). Yunfeng FG principally engages in the provision of financial services, including securities brokerage, wealth management and investment, corporate finance consultancy, ESOP (Employee Stock Ownership Plan) administration, and research services. Adhering to its strategy of "Based in Hong Kong and Connecting China to the World", and through the use of the latest online technology, Yunfeng FG provides integrated financial services to individual and institutional investors, as well as enterprise customers.
