HONG KONG and SPRINGFIELD, Mass., Nov. 16, 2018 /PRNewswire/ -- MassMutual
International LLC (MassMutual International) – Massachusetts Mutual
Life Insurance Company's (MassMutual) holding company for its
international operations – and Yunfeng Financial Group (Yunfeng FG,
HKSE: 376) announced today the completion of the sale of
Hong Kong-based MassMutual Asia
Ltd. (MassMutual Asia) to Yunfeng FG and several Asia-based investors.
With this transaction, which was originally announced on
August 17, 2017 when the two
companies and the other investors signed the agreement, MassMutual
International will receive approximately USD
1.01 billion in cash (HKD 7.9
billion) and 800 million shares of Yunfeng FG, equivalent to
approximately 24.8 percent of the expanded share capital of Yunfeng
FG. In turn, Yunfeng FG will hold a 60 percent stake in MassMutual
Asia, with seven other investors holding the remaining
interest.
"MassMutual is pleased to finalize this game-changing initiative
with a true global innovative leader – Yunfeng FG – and the group
of high quality, strategic investors," said Roger Crandall, Chairman, President and CEO,
MassMutual. "Further, this represents an additional step in
MassMutual's evolving international strategy by building distinct,
mutually beneficial partnerships with successful, cutting-edge
companies throughout Asia, further
strengthening our ability to provide long-term value to our
policyowners and customers."
As outlined when the agreement was first announced, MassMutual
International will have representation on both the Yunfeng FG and
MassMutual Asia boards of directors. Additionally, MassMutual will
enter into an agreement with Yunfeng FG to explore strategic
partnership and business cooperation opportunities.
"This transaction provides us with the ability to capitalize on
the long-term success and value of MassMutual Asia, creating a
true, full service financial services firm, well-equipped to serve
a wide range of customers – from high net worth individuals to an
emerging universe of customers with rising incomes," said
Eddie Ahmed, Chairman, President and
CEO of MassMutual International. "Further, through our ongoing
stake in the combined Yunfeng and MassMutual Asia business, we will
continue to capitalize on an expanding number of opportunities in
this tremendous, growing and dynamic part of the world."
"The long term vision of Yunfeng FG is to leverage its fintech
capabilities to develop a financial service ecosystem that offers a
broad range of financial services and products, along with high
quality expert advice. This transaction is a milestone step of
Yunfeng FG becoming a financial conglomerate, integrating its
existing fintech focused financial services with traditional
insurance business," said Mr. Yu
Feng, Chairman of Yunfeng FG.
Mr. Yu added, "MassMutual Asia's insurance products will broaden
Yunfeng FG's financial product offerings and significantly
contribute to the building of its financial service ecosystem,
given that insurance and annuity products are indispensable in
overall financial planning. MassMutual Asia's strong distribution
capability, featured by its well-trained tied-agent force, will
enable the enlarged group to combine with Yunfeng FG's existing
team of software engineers to enhance customer experience. In
addition, the transaction will create a remarkable synergy between
Yunfeng FG and MassMutual Asia, taking both parties' businesses to
new heights."
In addition to Yunfeng FG, the other strategic investors in the
transaction that will hold the remaining interest in MassMutual
Asia are: Meyu International Company Limited (9.8%), City-Scape
Pte. Ltd. (managed by GIC's private equity group) (7.5%), Sheen
Light Development Limited (5%), SINA Corporation (5%), API
(Hong Kong) Investment Limited
(5%), Harvest Billion International Limited (4.9%) and Giant
Investment (HK) Limited (a wholly owned subsidiary of Giant Network
Group) (2.8%).
About MassMutual
MassMutual is a leading mutual life
insurance company that is run for the benefit of its members and
participating policyowners. MassMutual offers a wide range of
financial products and services, including life insurance,
disability income insurance, long term care insurance, annuities,
retirement plans and other employee benefits. For more information,
visit www.massmutual.com.
About Yunfeng Financial Group
Yunfeng FG is a leading
Asia focused financial technology
platform principally engaged in the provision of financial
services, including securities brokerage, wealth management and
investment, corporate finance consultancy, ESOP (Employee Stock
Ownership Plan) administration, and investment research. Certain
members of Yunfeng FG are licensed to carry out type 1 (dealing in
securities), type 4 (advising on securities), type 6 (advising on
corporate finance) and type 9 (asset management) regulated
activities under the Securities and Futures Ordinance (Chapter 571
of the Laws of Hong
Kong).
Media Contacts:
Yunfeng Financial Group
Michelle Chung
+852 2843 1417
michelle.chung@yff.com
Gary Ho
+852 2843 1413
gary.ho@yff.com
MassMutual
Laura Crisco
+1 (413) 744-2370
lcrisco@massmutual.com
Michael McNamara
+1 (413) 744-3917
+1 (860) 549-6442
michaelmcnamara@massmutual.com
As at the date of this joint press release, the board of
directors of Yunfeng FG comprises Mr. Yu
Feng (who is Chairman and non-executive director), Ms.
Li Ting and Mr. Huang Xin (who are executive directors), Ms.
Hai, Olivia Ou, Mr. Adnan Omar Ahmed and Mr. Gareth Ross (who are non-executive directors),
and Mr. Lin Lijun, Mr. Qi Daqing and Mr. Chu Chung Yue (who are independent non-executive
directors). The directors of Yunfeng FG jointly and severally
accept full responsibility for the accuracy of the information
contained in this joint press release (other than that relating to
MassMutual Asia and its subsidiaries, MassMutual International and
parties acting in concert with it) and confirm, having made all
reasonable enquiries, that to the best of their knowledge, opinions
expressed in this joint press release (other than those expressed
by the managers of MassMutual International) have been arrived at
after due and careful consideration and there are no other facts
not contained in this joint press release the omission of which
would make any statement in this joint press release
misleading.
As at the date of this joint press release, the board of
managers of MassMutual International comprises Mr. Roger W. Crandall, Ms. Elizabeth A. Ward, Mr. Adnan O. Ahmed, Mr. Gareth Ross and Mr. Geoffrey J. Craddock. The managers of MassMutual
International jointly and severally accept full responsibility for
the accuracy of the information contained in this joint press
release relating to MassMutual Asia, MassMutual International and
any parties acting in concert with it (other than Key Imagination
Limited and its associated companies) and confirm, having made all
reasonable enquiries, that to the best of their knowledge, opinions
expressed in this joint press release (other than those expressed
by the directors of Yunfeng FG) have been arrived at after due and
careful consideration and there are no other facts not contained in
this joint press release the omission of which would make any
statement in this joint press release misleading.
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SOURCE MassMutual