The first foreign-funded company registered within the China (Shanghai) Free Trade Zone won official approval on Monday.

Dajiabao.com, the first online-to-offline insurance vendor in China, applied to establish a solely foreign-owned company "Alier (Shanghai) Network Technology Co" after its parent company was financed by international venture capital firm, Qiming Venture Partners.

Alier, with a registered capital of $3 million, handed in its application on Oct 8, and was approved within three days, Fang Yushu, CEO of Dajiabao.com, was quoted by China Business News as saying.

Fang said the operations of Dajiabao.com will be moved to Alier as part of the reconstruction of the company.