This article only represents the author's own views.
Created in 2013 by Alibaba-affiliated (BABA.US; 9988.HK) Ant Group, Tencent (0700.HK) and Ping An Insurance (2318.HK; 601318.SS), ZhongAn Online P&C Insurance Co. Ltd. (6060.HK) has been working hard ever since to downplay its ties to its high-profile founders. Now, it’s turning to another relationship to raise funds for its money-losing unit that’s developing the company’s businesses outside China.
Sometimes your options are limited, so finding cash any way you can may be laudable. But ZhongAn’s own lack of spare capital – which appears to be why it’s not participating in this latest deal – probably doesn’t inspire investor confidence.