CNinsure Announces Completion of New Share Issue to Employees
December 17 2014 - 5:36AM
CNinsure Inc. ("CNinsure" or the "Company") (Nasdaq:CISG), a
leading independent insurance intermediary company in China, today
announced that it has completed its sale of ordinary shares to
employees as previously announced on November 27, 2014 and December
12, 2014.
As a result of the transactions, the Company issued and sold an
aggregate of 150,000,000 ordinary shares, equivalent to 7,500,000
ADSs of the Company, to its employees for an aggregate purchase
price of approximately $41.5 million. The shares purchased by the
employees are subject to a 6-month lock-up.
The Company has also obtained approval from its board of
directors to grant loans to employees for the purchase of the new
shares of the Company. The loans bear interest at a rate of 3% per
annum and are repayable upon the sale of the shares of the Company,
termination of employment or within two years, whichever comes
first.
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.
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, 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 the date hereof, and CNinsure undertakes no
obligation to update any forward-looking statements. 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: For more information, please contact:
Oasis Qiu
Investor Relations Manager
Tel: +86 (20) 6122-2731
Email: qiusr@cninsure.net
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