Fanhua Issues Solemn Statement on Unusual Trading Activities
January 18 2019 - 6:52AM
Fanhua Inc. (“Fanhua” or “the Company”) (Nasdaq: FANH), a leading
independent financial services provider in China, today issued a
solemn statement in response to the unusual trading activities that
occurred on January 17, 2019 as below:
- The unusual stock trading volatility was caused by a report
published on January 17, 2019 which made groundless accusations and
deliberate out-of-context misinterpretation, in an attempt to
profit from the decline of the stock price of the Company through
short selling attack. The Company strongly condemns such a
malicious act.
- The Company has consistently and strictly complied with SEC
rules and regulations including the requirements for fair, prompt
and full disclosure, for the past 11 years as a publicly listed
company on Nasdaq. The Company has also strictly abided by
applicable laws and regulations in its business operations.
- The Company’s cashflow and profits have been closely aligned.
The management remain committed to fulfilling their fiduciary
duties to shareholders with continued profit growth and dividend
increase.
- In line with its commitment to protect investors’ interests,
the Company is carefully reviewing the report and will make an
announcement clarifying and refuting the allegations raised in the
report in an open and transparent manner, before market opens on
January 22, 2019.
- Management hereby would like to express sincere gratitude to
the Company’s shareholders for their continued trust and
support.
About Fanhua Inc.
Fanhua 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) 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; (2) CNpad, a mobile sales
support application; (3) Baoxian.com, an online entry portal for
comparing and purchasing health, accident, travel and homeowner
insurance products; and (4) eHuzhu (www.ehuzhu.com), a non-profit
online mutual aid platform in China.
As of September 30, 2018, our distribution and
service network is consisted of 754 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
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