GUANGZHOU, July 7 /PRNewswire-Asia-FirstCall/ -- CNinsure
Inc. (Nasdaq: CISG), (the "Company" or "CNinsure"), a leading
independent insurance intermediary company operating in
China, today announced it intends
to offer, subject to market and other conditions, approximately
4,600,000 American depositary shares ("ADSs"), each representing 20
ordinary shares of the Company. In addition, a selling shareholder
will be offering 700,000 ADSs, subject to market and other
conditions. CNinsure intends to grant the underwriters an option to
purchase up to 795,000 additional ADSs.
CNinsure plans to use the net proceeds of the offering to expand
its distribution network, establish new sales channels and further
diversify its product and service offerings through acquisitions
and organic growth, and to strengthen and further enhance its
unified operating platform.
The Company is conducting the offering pursuant to a
registration statement on Form F-3 filed with the Securities and
Exchange Commission on July 7, 2010.
The offering is being made solely by means of a prospectus
supplement and accompanying prospectus. This press release does not
constitute an offer to sell, or the solicitation of an offer to
buy, securities and does not constitute an offer, solicitation or
sale in any jurisdiction in which such offer, solicitation or sale
would be unlawful. The Company's registration statement on Form F-3
and preliminary prospectus supplement are available from the SEC
website at: http://www.sec.gov .
Morgan Stanley and BofA Merrill Lynch are acting as joint
bookrunners for the offering. Copies of the preliminary prospectus
supplement and the accompanying prospectus may be obtained from
Morgan Stanley & Co. International plc, 180 Varick Street, 2nd
Floor, New York, New York 10014,
Attention: Prospectus Department, Phone: +1-866-718-1649, or by
e-mail to prospectus@morganstanley.com, and BofA Merrill Lynch,
Attention: Preliminary Prospectus Department, 4 World Financial
Center, New York, NY 10080 or by
e-mail to Prospectus.Requests@ml.com.
About CNinsure Inc.
CNinsure is a leading independent 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.
Safe Harbor Statement
Certain statements in this press release including statements
related to the offering and the expected use of proceeds are
forward-looking statements that involve a number of risks and
uncertainties that could cause actual results to differ materially.
These statements are made under the "Safe Harbor" provisions of the
U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements involve known and unknown risks and
uncertainties and are based on current expectations, assumptions,
estimates and projections about the Company and the industry in
which the Company operates. The Company undertakes no obligation to
update forward-looking statements to reflect subsequent occurring
events or circumstances, or to changes in its expectations, except
as may be required by law. Although the Company believes that the
expectations expressed in these forward looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct. Factors that could cause actual results to
differ are described in the Company's filings with the Securities
and Exchange Commission, including its annual report on Form
20-F.
SOURCE CNinsure Inc.