CNinsure to Receive US$42.3 Million Strategic Investment From Alltrust Insurance
April 28 2015 - 9:26AM
CNinsure Inc, (Nasdaq:CISG), (the "Company" or "CNinsure"), a
leading independent online-to-offline ("O2O") financial service
provider in China, today announced that on April 27, 2015, it
entered into an agreement to bring in Alltrust Insurance Company of
China Limited, or Alltrust Insurance, as a strategic investor.
Pursuant to the agreement, CNinsure will issue and sell
93,000,000 of its ordinary shares to Alltrust Insurance, for an
aggregate purchase price of US$42.31 million, or $0.455 per
ordinary share ($9.10 per ADS), which is the average closing price
of the 20 trading days prior to the signing date of the agreement.
Upon completion of the transaction, Alltrust Insurance will hold
7.5% of CNinsure's share capital. Completion of the transaction is
subject to customary closing conditions.
"This strategic investment is a testament to Alltrust
Insurance's confidence in CNinsure's strategic plans and future
growth and is instrumental to deepening our cooperation in a
variety of areas," commented Mr. Chunlin Wang, chief executive
officer of CNinsure. "With the resources and strengths of both
parties, we believe we will be able to accelerate penetration into
the O2O financial services space and strengthen our leading
position."
About Alltrust Insurance
Established in 2004, Alltrust Insurance is a joint-stock
property and casualty ("P&C") insurance company operating in
China. It is one of the leading power plant underwriters and the
16th largest P&C insurance company in China in 2014. Its
shareholders consist of some of the most prestigious power grid
companies, industrial investment conglomerates and financial
service holding companies, including Huaneng Capital Services
Corporation Ltd., Fairfax Financial Holdings Limited and Swiss
Reinsure Company Ltd.. Alltrust Insurance primarily offers, among
others, property insurance, liability insurance, credit insurance,
surety bond insurance, short-term health insurance, accidental
insurance and vehicle insurance products and reinsurance service.
About CNinsure Inc.
CNinsure Inc. is a leading independent online-to-offline
financial service provider. Through our online platforms and
offline sales and service network, we offer a wide variety of
financial products and services to individuals and businesses,
including property and casualty and life insurance products. We
also provide insurance claims adjusting services, such as damage
assessments, surveys, authentications and loss estimations, as well
as value-added services, such as emergency vehicle roadside
assistance.
Our online platforms include (1) Baoxian.com, an online entry
portal for comparing and purchasing health, accident, travel and
homeowner insurance products; (2) CNpad, a mobile sales support
application; (3) Chetong.net, a public service platform for the
insurance industry and (4) eHuzhu (www.ehuzhu.com), the first
non-profit online mutual aid platform in China. Our extensive
distribution and service network covers 27 provinces in China,
including most economically developed regions and cities.
For more information about CNinsure Inc., please visit
http://ir.cninsure.net/.
CONTACT: Oasis Qiu
Investor Relations Manager
Tel: +86 (20) 6122-2731
Email: qiusr@cninsure.net
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