This is how Anbang rose to prominence, and how it stumbled.

What Is Anbang?

Anbang got its start in 2004, initially as a car insurer. In Chinese, its name means to bring peace to a region.

It operated for years under the radar, but its board boasted some impressive pedigrees.

Mr. Wu himself was a former car salesman and minor government official. But he had married a granddaughter of Deng Xiaoping, once China’s top leader and one of the most important figures in modern Chinese history. Other early Anbang directors included Levin Zhu, son of a former prime minister, and Chen Xiaolu, the son of a famous army marshal. In China, those are the kinds of connections that can help bring in business.

Who Owns Anbang?

In the years after it was founded, the names of Mr. Wu and some of the other early players disappeared from the company’s filings with Chinese officials. On paper, the company was owned by a number of individuals working through various holding companies.

In a 2016 investigation, The New York Times tried to find these individuals, who were not well known investors or famously wealthy people — even though their ownership stakes in Anbang would make them some of the richest people in China. It found that many of the people who owned the shares were family members or acquaintances of Mr. Wu. Addresses for some shareholders led to shabby buildings or to business that open shell companies.

It is common in China for wealthy people to own their property under the names of others, usually friends and family. Such arrangements are known in Chinese as baishoutao, or white gloves. Anbang has said it is owned by a number of shareholders who make their required disclosures to the government.