Pankaj81. Genworth Financial
Headquarters: Richmond, Virginia
Bought By: China Oceanwide Holdings Group
Headquarters: Beijing, China
Headquartered in Richmond, Virginia, Genworth Financial is a Fortune 500 insurance holding company dedicated to helping people secure their financial lives, families, and futures. In 2016, China Oceanwide, a privately-held, family-owned investment conglomerate based in Beijing, agreed to acquire Genworth Financial for $2.7 billion.
After years of regulatory scrutiny and delays, the deal was eventually called off in 2020. However, the initial agreement is indicative of China’s growing interest in penetrating the U.S. financial sector. The deal would have given China Oceanwide a significant foothold in the U.S. insurance market, potentially paving the way for further Chinese investments in this lucrative sector.