Even though it still technically awaits a national operating license and has only RMB 20m in pension funds in its pool so far, Shanghai-based Tai Ping Pension anticipates raising up to RMB 3bn (US$36.44m) to manage in its first operating year, according to the South China Morning Post, citing shareholder China Insurance (Holdings). One of China's two new supplementary pension providers, Tai Ping has started working China's rust-belt northeast region, where it serves employees in companies operating supplementary voluntary pension schemes. Tai Ping reportedly plans to specialize in industry sectors across the country, the Post said, mentioning telecommunications and tobacco. Some industry people say the supplementary pension industry will blossom into a RMB 1trn market by 2010. Tai Ping is 60% held by Tai Ping Life Insurance, a unit of Hong Kong-listed China Insurance International.