CNinsure Announces Retirement of Co-founder
March 29 2016 - 6:00AM
CNinsure Inc. (Nasdaq:CISG) (the "Company" or "CNinsure"), a
leading independent online-to-offline financial services provider
operating in China, today announced that its president and
co-founder Qiuping Lai, aged 62, has retired from the Company and
the board of directors (the "Board"). Chunlin Wang, chief executive
officer of the Company, has been elected to fill the vacancy on the
Board created by Mr. Lai’s retirement as an executive director. The
resignation and appointment became effective March 27, 2016.
Mr. Wang joined CNinsure in 1998 and has been
CNinsure’s chief executive officer since October 2011. From 1998 to
2011, he held various managerial positions in CNinsure. Mr. Lai is
the co-founder of CNinsure and has served as the president and
director of the Company since 2004.
Commenting on the change, Mr. Yinan Hu, Chairman of
CNinsure, stated, “Qiuping has made tremendous contributions to
CNinsure's development and success since we founded it together in
1998, for which I would like to express my sincere gratitude and
appreciation to him and wish him all the best in retirement.
"We welcome Chunlin to the Board. During his term
as CEO of the Company, he has demonstrated strong leadership and
excellent management skills by successfully leading the business
through several major milestones, including its strategic
transition towards a offline-to-online operating model. We believe
that he will be a valuable member of the Board in its commitment to
ensuring that the Company operates in the best interests of its
shareholders. We look forward to working closely with him in his
new role."
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)
CNpad, a mobile sales support application; and (2)Baoxian.com, an
online entry portal for comparing and purchasing health, accident,
travel and homeowner insurance products (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.
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.
For more information about CNinsure Inc., please
visit http://ir.cninsure.net/.
Contact: Oasis QiuInvestor Relations ManagerTel:
+86 (20) 8388-3191Email: qiusr@cninsure.net
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