PICC Property and Casualty, stock code 02328, announced that it has entered into a tripartite agreement with Zhongyuan Brokerage and Zhongsheng International, according to ETNet.

Under the terms, Zhongyuan Brokerage will transfer its rights and obligations under the existing agreement to Zhongsheng International. The company’s prior business cooperation agreement with Zhongyuan Brokerage will automatically terminate once the tripartite agreement becomes effective.