The State Administration of Financial Supervision has recently released a new circular regarding substantial equity investments in unlisted enterprises using insurance funds. The circular explicitly states that insurance groups (or holding companies) and insurance companies are permitted to invest in insurance enterprises, non-insurance financial enterprises, and businesses closely aligned with the insurance industry, encompassing sectors such as pension services, healthcare, automotive services, technology, big data, and modern agriculture. Furthermore, shared service enterprises adhering to regulatory standards, as well as other enterprises recognized by the State Administration of Financial Supervision, fall within the permissible investment scope. Insurance institutions are required to articulate their development strategies and market positioning, bolster their investment management capabilities, and prudently undertake significant equity investments in line with national policies and regulatory guidelines. Simultaneously, they must enhance the overall governance of equity investments to prevent uncoordinated expansion.