On July 10, Huakang Financial, a leading Chinese insurance broker, completed its second round financing. In the first round, it received US$25 million from IDGVC. Zhenwu Wang, Huakang Financial CEO, announced that IDG increased investment in the second round and Matrix Partners (a top international venture capital firm) became its new strategic investor. He declined to disclose the amount.

Mr. Wang said that after Huakang Financial received its second round financing it would be dedicated to its business mode with life insurance as core business. It will acquire a few elite insurance intermediary enterprises to further consolidate its leading position in the insurance intermediary sector.

When talking about the Huakang Financial's IPO scheme, Mr. Wang expressed that IPO plan is well under preparation. It will be listed as a star enterprise when conditions are mature.