Shanghai Regulator Approves Sheng Yafeng as Shenergy P&C Chairman, Li Zhenghao as Deputy GM

On August 21, the Shanghai Financial Regulatory Bureau approved the appointment qualifications of Shenergy Property & Casualty Insurance Co. , Ltd. (Shenergy P&C), with Sheng Yafeng taking office as chairman and Li Zhenghao as deputy general manager in charge of daily operations. Previously, Sheng served as the company's president, while Li was vice president and chief financial officer. Former chairman Gong Dexiong had left the post in the first quarter of 2026, and was transferred in December 2025 to serve as deputy secretary of the party committee and president of Shanghai International Group Co. Sheng Yafeng, born in July 1965, spent most of his career at CPIC, holding positions including deputy secretary of the party committee, executive director, and general manager of China Pacific Property Insurance Co. Li Zhenghao, born in November 1975, previously served as branch manager of SPD Bank's Siping Road sub-branch, and later held several posts at Shenergy Group Finance Co. and Shenergy Group Co. Shenergy P&C officially commenced operations in May 2024 with registered capital of RMB 10 billion and is headquartered in the Lin-gang Special Area of Shanghai, jointly initiated by eight state-owned enterprises. In the first half of 2026, Shenergy P&C recorded insurance business revenue of RMB 8.657 billion and net profit of RMB 228 million. As of the end of the second quarter, the company's core solvency adequacy ratio stood at 261.29% and its comprehensive solvency adequacy ratio at 261.89%, with the latest two risk-based comprehensive ratings both at BB level.