CNinsure Announces Management's Plan to Purchase Company Shares
November 24 2010 - 7:00AM
CNinsure Inc. (Nasdaq:CISG), (the "Company" or "CNinsure"), a
leading independent insurance intermediary company operating in
China, today announced that Mr. Yinan Hu, its founder, chairman and
chief executive officer, Mr. Peng Ge, its chief financial officer,
and other senior management plan to purchase shares of the Company
in the open market.
Mr. Yinan Hu commented: "CNinsure has continued its successful
track record of delivering solid financial performance in the third
quarter 2010 with total net revenues and net income attributable to
CNinsure's shareholders growing 30.4% and 42.7%, respectively.
However, in view of the recent stock price which we believe has
rendered our stocks significantly undervalued, we've decided to
purchase shares of the Company in the open market. This plan
reflects management's full confidence in the growth prospects of
the Company."
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 both domestic and foreign
insurance companies operating in China, and provides insurance
claims adjusting service 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. 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 November 24,
2010, 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.
CONTACT: CNinsure Inc.
Oasis Qiu, Investor Relations Officer
+86-20-61222777-850
qiusr@cninsure.net
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