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Menmers of ZhongAn Online P & C Insurance pose for the photo session to mark the company's debut on the Hong Kong Stock Exchange in Hong Kong on Sept. 28. (Photo by Shinya Sawai)
Finance

Alibaba's Jack Ma places bet on China's online insurance market

Despite losses, ZhongAn grabs investors' attention in emerging sector

JOYCE HO, Nikkei staff writer | China

HONG KONG -- When the heads of three of China's most prominent companies join hands to launch a start-up, investors notice.

Jack Ma Yun of Alibaba Group Holding, Tencent Holdings' Pony Ma Huateng, and Peter Ma Mingzhe of Ping An Insurance Group -- collectively known as the "three Ma's" -- did just that. Looking to turn Ping An into a full-blown financial technology company within ten years, Peter also enabled the growth of Lufax, which started as a peer-to-peer lending platform in 2011 and became one of the most valuable e-finance company worldwide as of September.

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