CNinsure Announces U.S. $100 Million Corporate Share Buyback Program
December 03 2010 - 5:19AM
CNinsure Inc., (Nasdaq:CISG) (the "Company" or "CNinsure"), a
leading independent insurance intermediary company operating in
China, today announced that its board of directors approved a
corporate share repurchase program authorizing up to U.S. $100
million in American depositary shares ("ADSs") repurchases by June
30, 2011. Purchases will be made from time to time on the open
market at prevailing market prices or in block trades, and will be
subject to restrictions related to volume, price and timing.
CNinsure plans to fund the share repurchase program with its
available cash balance.
Mr. Yinan Hu, chairman and chief executive officer of CNinsure,
commented, "The share repurchase program demonstrates our
confidence in the long-term growth prospects of the Company and our
commitment to enhancing shareholder value. With a 12-year track
record, our business model has proven sustainable and positioned us
to take advantage of significant growth opportunities in the
rapidly expanding Chinese insurance market. We believe it is
the right time to use our strong financial position to invest in
the future of CNinsure."
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 December 3, 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 Manager
+86-20-61222777x850
qiusr@cninsure.net
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