Internet giant Tencent Holdings will set up China's first Internet-based life insurance company with state-run firm CITIC Guoan Group, when the venture receives regulatory approval, according to a report in the China Daily. Tencent and CITIC Guoan will hold similar stakes in the joint venture which is positioned to be an innovative and light-asset online insurance firm. The other shareholders include private enterprises such as Shandong Sanxing Group and Beijing Easy Home. The actual shareholdings in the joint venture is yet to be disclosed. Mr Wang Hao, former Vice-President of Qian Hai Life Insurance, is to head the preparatory team of the new company that will be based in Beijing.