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On December 20, 2019, Shanghai International Group (SIG) and Taiping Reinsurance Co., Ltd. (TPRe) reached an equity cooperation framework agreement in Shanghai. Liu Xinyi, Vice Secretary of the CPC SIG Committee and President of SIG and Liu Shihong, Vice Chairman and CEO of TPRe signed the agreement. Yu Beihua, Secretary of the CPC SIG Committee and Chairman of the Board of Directors, witnessed agreement signing.

SIG's buying into TPRe and promoting cooperation with TPRe is a major move to perform the all-round strategic cooperation agreement signed between the Shanghai Municipal People's Government and China Taiping Insurance Group (China Taiping) in December 2018 and boosting the construction of China Taiping's five centers (assets management, data, operation, R&D and training), as well as an integral part of SIG's efforts in serving national strategies, the building of Shanghai International Reinsurance Center and the economic and social development of Shanghai.

To advance equity cooperation, through repeated negotiations, the two sides have reached an agreement on matters such as project trading structure, company valuation, trading mode and the cooperation in other projects in principle.

Following the signing of the framework agreement, the two sides agreed on conducting due diligence with December 31, 2019 as the base day, and signing an official capital increase agreement as early as possible under the main principle of the framework agreement.