Fanhua Announces Board Change
December 20 2016 - 4:30AM
Fanhua Inc., formerly known as CNinsure Inc., ( “Fanhua” or “the
Company”) (Nasdaq:FANH), a leading independent online-to-offline
financial services provider operating in China, today announced
that, with effect from December 20, 2016, Mr. Peng Ge (“Mr.
Ge”), chief financial officer of the Company, was appointed a
director of the Company by its board of directors (the "Board") to
fill the vacancy left by the resignation of Ms. Xiaojun Shang
(“Ms. Shang”), a director appointed by CDH Investments ("CDH"). Ms.
Shang submitted her resignation immediately after the completion of
a share purchase transaction under which certain management members
of the Company purchased all the ordinary shares and ADSs of the
Company owned by CDH.
Ms. Shang is an executive director of an
affiliate of CDH, one of the largest alternative asset management
institutions focusing on China. CDH had been a shareholder of
Fanhua through a private equity fund since 2005, which reached its
intended maturity date around early 2015.
Mr. Ge is one of the co-founders of the Company
and has been chief financial officer of the Company since April
2008. He previously held various managerial positions in the
Company including vice president and general manager of the
financial and accounting department and head of the Company’s
Beijing operations. He was a director of the Company between August
2007 and September 2008.
Commenting on the board change, Mr. Yinan Hu,
Chairman of the Board said, "We deeply appreciate CDH for its
support and trust over the past decade. We would like to thank Ms.
Shang for her excellent service on the Board and wish her continued
success in her future endeavors.
"We welcome Mr. Ge to the Board. We look forward
to the contributions he will make in his new role."
About Fanhua
Inc.
Fanhua Inc., formerly known as 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 29 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 Fanhua and
the industry. Potential risks and uncertainties include, but are
not limited to, Fanhua’s ability to attract and retain key
personnel and productive 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 Fanhua 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 Fanhua 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 Fanhua is included
in Fanhua's filings with the U.S. Securities and
Exchange Commission, including its annual report on Form 20-F.
For more information about Fanhua Inc., please
visit http://ir.cninsure.net/.
CONTACT: Oasis Qiu
Investor Relations Manager
Tel: (8620) 83883191
Email: qiusr@fanhuaholdings.com
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