Subsidiary of CNinsure Files Application to List on the New Third Board
November 10 2015 - 7:45AM
CNinsure Inc. (Nasdaq:CISG) (the "Company" or "CNinsure"), a
leading independent online-to-offline financial services provider
operating in China, today announced that its subsidiary, CNinsure
Insurance Surveyors & Loss Adjustors Holding Co., Ltd.
("CISLA"), has filed an application with the National Equities
Exchange and Quotations ("NEEQ") to list on the New Third Board, an
emerging over-the-counter stock exchange in China.
CISLA is a leading claims adjusting service provider in China,
which primarily offers auto, property, and marine and cargo
insurance-related claims adjusting services to institutions such as
insurance companies. Its service network covers 27 provinces and
boasts a team of 1,447 professional claim adjustors. Its net
revenues and profit for fiscal year 2014 were RMB310 million and
RMB15.6 million, respectively.
CNinsure currently owns 44.7% of the equity interests of CISLA
following a corporate restructuring to facilitate the potential
listing. Prior to the restructuring, CNinsure owned 51% of the
equity interests of CISLA. CNinsure will continue to exercise
substantial control over CISLA after the proposed listing through
agreements made with minority shareholders.
Mr. Chunlin Wang, chief executive officer of CNinsure, stated,
"Claims adjusting is a crucial part of our strategy and we will
remain focused on providing the best quality claims adjusting
services to our clients through CISLA going forward. We believe the
proposed listing of CISLA will potentially boost the Company's
overall market value.
"We support CISLA in pursuing its listing on the New Third
Board. We believe the proposed listing will not only enhance
CISLA's brand recognition and help it to attract top talent, but
more importantly, it will allow CISLA to more easily raise capital
to fund its planned market expansion through mergers and
acquisitions, which will position it to achieve its aspirations
becoming a leading claims adjusting firm in China and
globally."
There is no assurance that CISLA will successfully list on the
New Third Board. CISLA's listing is subject to, among other things,
market and business conditions and CISLA satisfying relevant rules
of the China Securities Regulatory Commission and the applicable
stock exchanges and other registration, listing and offering
requirements.
About New Third Board
The New Third Board is a national over-the-counter market in
China regulated by the China Securities Regulatory Commission, and
managed by NEEQ. It serves as a platform for the sale of existing
shares or directed share placements for small and medium-sized
enterprises, supplementing the trading activities on the Shanghai
and Shenzhen stock exchanges, including the Growth Enterprise
Market (GEM) exchanges. The New Third Board provides a pricing
mechanism for valuing a company's stock. Policies are currently
expected to be introduced in the near future to enable
NEEQ-registered companies to transfer to the GEM exchanges.
About CNinsure Inc.
CNinsure Inc. is a leading independent online-to-offline
financial services 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 and (3) eHuzhu (www.ehuzhu.com), a 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/.
Forward-looking Statements
This press release contains statements of a forward-looking
nature. These statements, including the statements relating to the
Company's future financial and operating results, 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, 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 the date
hereof, and CNinsure undertakes no obligation to update any
forward-looking statements to reflect subsequent occurring events
or circumstances, or 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: For more information, please contact:
Oasis Qiu
Investor Relations Manager
Tel: +86 (20) 6122-2731
Email: qiusr@cninsure.net
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