Fanhua Announces US$200 Million Share Repurchase Program
March 11 2019 - 1:05PM
Fanhua Inc. (“Fanhua” or “the Company”) (Nasdaq: FANH), a leading
independent financial services provider in China, today announced
that the Company's board of directors (the “Board”) has approved a
new share repurchase program, which authorized the Company’s
management to execute the repurchase of up to US$200 million of its
American Depository Shares (“ADSs”) by December 31, 2019, in any
form that management may deem fit. The Company’s management intends
to launch the repurchase on March 13, 2019 and the proposed
purchases will be made from time to time depending on market
conditions, in accordance with applicable requirements of Rule
10b-18 and/or Rule 10b-5 under the U.S. Securities Exchange Act of
1934, as amended.
Mr. Chunlin Wang, Fanhua’s chairman and chief
executive officer, stated, “Management remain confident about the
Company’s growth outlook as we have solid cash position and are on
track towards a sustainable profit growth. The share repurchases
will help increase shareholder value per share and we believe it is
an effective way to reward our shareholders for their support and
trust.”
About Fanhua Inc.
Fanhua Inc. is a leading independent 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 December 31, 2018, our distribution and
service network is consisted of 682 sales outlets covering 21
provinces and 115 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.
CONTACT: Investor Relations
Tel: (8620) 83883191
Email: qiusr@fanhuaholdings.com
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