China’s security regulator says it will examine an apparent battle for China Vanke, throwing up another potential obstacle to an obscure insurer’s stakebuilding in the country’s largest property developer.

This month Wang Shi, chairman and founder of the Shenzhen-based property group, criticised the emergence of Baoneng group, a little-known insurer also based in the southern city, as Vanke’s largest shareholder.

The China Securities and Regulatory Commission confirmed it was looking into the matter with the banking and insurance regulators. The commission did not specify the nature of its inquiry but said the government wanted to ensure the interests of all shareholders, especially small investors, were protected.