THE China unit of global insurance giant Allianz SE has been approved to double its registered capital with e-commerce giant JD.com Inc. as the leading investor in a fresh round of fundraising.

JD.com has been approved to invest 483 million yuan (US$71.11 million) for a 30-percent stake in Allianz China, the China Banking and Insurance Regulatory Commission said in an online notice released late Tuesday.

Following the investment, JD.com will become the second-largest shareholder in the insurance firm, according to the notice.

JD.com announced its initial investment plan of buying a 33-percent stake in Allianz China in April as the tech company steps up its push into the country’s financial services sector with a wide range of products. The investment was part of an agreement to develop a digital insurance joint venture in China.

Allianz SE will hold 50 percent in the China unit following the capital injections, according to the notice. (SD-Agencies)