A Hong Kong-based company, part of the China Pacific Insurance Company (CPIC) group, has joined forces with Waterdrip Capital and established two investment funds in the special administrative region that will concentrate on the industry built around blockchain technologies and crypto assets. CPIC is China’s third largest state-owned insurance company, Chinese crypto journalist and blogger Colin Wu, also known by the Twitter handle ‘Wu Blockchain,’ noted in a post on Monday, citing a report by the Chinese news outlet 36kr.com.