Fanhua Updates Progress on its Share Repurchase Program
October 01 2018 - 6:00AM
Fanhua Inc. (Nasdaq: FANH) (the “Company” or “Fanhua”), a leading
independent financial services provider operating in China, today
announces progress on its share repurchase program.
Pursuant to its previously announced share
repurchase program, the Company intends to repurchase up to 6.5
million American Depositary Shares (“ADSs”) at prevailing market
prices of no more than US$29.0 per ADS by December 31, 2018. As of
September 30, 2018, the Company has repurchased 506,412 ADSs at an
average price of US$24.9478 per ADS for a total amount of
approximately US$12.6 million, subject to the restrictions set
forth in Rule 10b-18 under the Securities Exchange Act of 1934, as
amended. The Company will continue to implement the share
repurchase program in accordance with its Rule 10b5-1 plan
established by the Company and its broker going forward.
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 provided by over 90 insurance companies 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; (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 and (4) Lan Zhanggui, an
all-in-one platform which allows our agents to access and purchase
a wide variety of insurance products, including life insurance,
auto insurance, accident insurance, travel insurance and standard
health insurance products from multiple insurance companies on
their mobile devices.
As of June 30, 2018, our distribution and
service network consisted of 712 sales and service outlets covering
31 provinces.
For more information about Fanhua Inc., please
visit http://ir.fanhuaholdings.com/.
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.fanhuaholdings.com/.
Contact: Oasis QiuInvestor Relations ManagerTel: (8620)
83883191Email: qiusr@fanhuaholdings.com
Source: Fanhua Inc.
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