CNinsure Announces Cash Dividend
May 21 2009 - 9:27AM
PR Newswire (US)
GUANGZHOU, China, May 21 /PRNewswire-Asia-FirstCall/ -- CNinsure
Inc. (NASDAQ:CISG), a leading independent insurance intermediary
company operating in China, today announced that its Board of
Directors has declared a cash dividend of US$4.40 per ordinary
share, equivalent to US$0.22 per American Depositary Share), which
amounts to a total payment of US$10,037,475. The cash dividend is
payable on or around July 15, 2009 to shareholders of record as of
the close of business on June 26, 2009. The dividends to be paid to
the ADS holders through the depositary bank will be subject to the
terms of the deposit agreement, including the fees and expenses
payable thereunder. Commenting on the cash dividend, CNinsure's
Chairman and Chief Executive Officer, Mr. Yinan Hu, said, "The
Company has maintained strong growth momentum since its IPO in
October 2007. As a result of the Company's sound financial position
and strong cash flow, the Board has decided to pay this dividend to
our shareholders. Although we do not expect to declare and pay cash
dividends on a regular basis in the foreseeable future, we will
determine future dividend payments, if any, based on our future
results of operations, cash flow and capital requirements, among
other things." He continued, "It is our ultimate mission to
generate higher earnings per share and maximize shareholder value.
Despite the economic crisis, we firmly believe in the management's
ability to withstand the challenges and capitalize on investment or
acquisition opportunities to achieve sustainable growth, with
sufficient capital reserve in hand. Our business strategies have
proved to be effective in driving our growth in the past years, and
we are confident that the management will be able to continue with
the successful execution of these strategies, generate more profits
in the future and deliver attractive long- term returns to our
shareholders." About CNinsure Inc. CNinsure is a leading
independent insurance intermediary company operating in China.
CNinsure's distribution and service network reaches many of China's
most economically developed regions and affluent cities. The
Company distributes a wide variety of property and casualty and
life insurance products underwritten by domestic and foreign
insurance companies operating in China, and provides insurance
claims adjusting as well as other insurance- related services.
Forward-looking Statements This press release contains statements
of a forward-looking nature. These statements are made under the
"safe harbor" provisions of the U.S. Private Securities Litigation
Reform Act of 1995. You can identify these forward- looking
statements by terminology such as "will," "expects," "believes,"
"anticipates," "intends," "estimates" and similar statements. Among
other things, the management's quotations and the Business Outlook
section contain forward-looking statements. These forward-looking
statements involve known and unknown risks and uncertainties and
are based on current expectations, assumptions, estimates and
projections about CNinsure and the industry. Potential risks and
uncertainties include, but are not limited to, those relating to
CNinsure's limited operating history, especially its limited
experience in selling life insurance products, its ability to
attract and retain productive agents, especially entrepreneurial
agents, its ability to maintain existing and develop new business
relationships with insurance companies, its ability to execute its
growth strategy, its ability to adapt to the evolving regulatory
environment in the Chinese insurance industry, its ability to
compete effectively against its competitors, quarterly variations
in its operating results caused by factors beyond its control and
macroeconomic conditions in China and their potential impact on the
sales of insurance products. All information provided in this press
release is as of May 21, 2009, and CNinsure undertakes no
obligation to update any forward- looking statements to reflect
subsequent occurring events or circumstances, or to changes in its
expectations, except as may be required by law. Although CNinsure
believes that the expectations expressed in these forward-looking
statements are reasonable, it cannot assure you that its
expectations will turn out to be correct, and investors are
cautioned that actual results may differ materially from the
anticipated results. Further information regarding risks and
uncertainties faced by CNinsure is included in CNinsure's filings
with the U.S. Securities and Exchange Commission, including its
annual report on Form 20-F. DATASOURCE: CNinsure Inc. CONTACT:
Oasis Qiu, IR Officer of CNinsure Inc., +86-20-6122-2777 x850, or
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