CNinsure Announces Acquisition of Shenzhen Hongzhengda
June 01 2009 - 12:20AM
PR Newswire (US)
GUANGZHOU, China, June 1 /PRNewswire-Asia-FirstCall/ -- CNinsure
Inc., (NASDAQ:CISG), (the "Company" or "CNinsure"), a leading
independent insurance intermediary company operating in China,
today announced the signing of definitive agreements to acquire
100% equity interest in Shenzhen Hongzhengda Insurance Surveyors
& Loss Adjustors Co., Ltd. ("Hongzhengda") through Fanhua
Surveyors & Loss Adjustors Co., Ltd., formerly known as
Shenzhen Khubon Insurance Surveyor & Loss Adjustors Co., Ltd,
in which 51% equity interest was held by the Company. The
transaction is expected to close by the end of June 2009, subject
to certain consents, authorizations and other customary closing
conditions. Founded in 2002 and based in Shenzhen, Hongzhengda
specializes in the provision of claims adjusting services related
to non-automobile property and casualty insurance. It ranked No. 12
among China's top 20 insurance claims adjusting firms by revenue,
according to the First Quarter 2009 Insurance Intermediary Market
Development Report published by China Insurance Regulatory
Commission. Commenting on the acquisitions, CNinsure's Chairman and
Chief Executive Officer, Yinan Hu, said, "The current economic
crisis presents great opportunities for companies which hold
abundant cash and still maintain their profitability. CNinsure is
one of such companies. The acquisition of Hongzhengda will
strengthen our foundation in providing claims adjusting services
and support CNinsure's growth." About CNinsure Inc. CNinsure is a
leading independent insurance intermediary company operating in
China. CNinsure's distribution 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 June 1, 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, +86-20-6122-2777 x850 or
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