XChange TEC has strengthened its presence in Asia-Pacific with the acquisition of an insurance brokerage in Hong Kong.
This move offers the company “direct access” to the Hong Kong insurance market, with plans to roll out customised insurance solutions for clients across China and international markets.
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XChange TEC said that the acquisition of the brokerage, licensed by the Hong Kong Insurance Authority, is a “critical milestone” in its Asia-Pacific growth plan and will help it benefit from Hong Kong’s growing insurance sector, which has experienced high demand from mainland Chinese clients and expatriates.
The move into Hong Kong supports XChange TEC’s aim to become the “one-stop” hub for risk management and wealth enhancement solutions.
Hong Kong’s insurance sector serves as a global capital gateway, the company said in a statement.
The region offers opportunities to cater to the needs of high-net-worth individuals, multinational corporations and cross-border investors, it added.
XChange is an insurance agency and insurance technology business with subsidiaries and consolidated variable interest entities.
The insurance agency, licensed in China, offers an array of insurance products and operates nationwide, collaborating with both state-owned and regional property and casualty insurance companies in China.
The company’s insurance technology arm focuses on developing and operating insurance technology in China, including a software-as-a-service platform that bridges the gap between consumers and underwriting support.
In November 2024, XChange regained compliance with NASDAQ’s minimum bid price requirement, following a prior notice from the exchange indicating non-compliance with the rule.
