GUANGZHOU, China, July 15 /PRNewswire-Asia-FirstCall/ -- CNinsure
Inc. (Nasdaq: CISG) (the "Company" or "CNinsure"), a leading
independent insurance intermediary company operating in
China, today announced its
previously announced public offering of 4,600,000 American
depositary shares ("ADSs"), each representing 20 ordinary shares of
the Company, was closed on July 14,
2010. CNinsure received net proceeds of approximately
$109.6 million, after deducting
underwriting discounts and commissions and estimated offering
expenses payable by the Company.
The offering was made under CNinsure's currently effective shelf
registration statement on Form F-3 filed with the Securities and
Exchange Commission on July 7, 2010.
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 final prospectus
supplement may also be obtained from the Securities and Exchange
Commission's website at: http://www.sec.gov.
Morgan Stanley and BofA Merrill Lynch served as joint
bookrunners for the offering. Copies of the final 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 Merrill Lynch, Pierce,
Fenner & Smith Incorporated, Attention: 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.