Hong Kong Insurance Authority Zhang Yun: At least three major Bay Area private enterprises will establish their own insurance companies in Hong Kong in the coming months.

Zhang Yun, the Chief Executive of the Hong Kong Insurance Authority, stated at the "Caixin Summer Summit" that in the coming months, approximately several, at least three privately-owned enterprises headquartered in the Greater Bay Area are expected to establish their own captive insurance companies in Hong Kong. He mentioned that this is a breakthrough, and during this process, there needs to be communication with private enterprises to understand how they view the system in Hong Kong and how they need to adjust. At the same time, there needs to be a reassessment of our own regulatory framework and make necessary adjustments. It is important to use this case as a breakthrough. Earlier, HSBC and SAIC have already established their own captive insurance companies in Hong Kong.