Fanhua Provides Update on its Share Buyback Program for the Week of July 29, 2019
August 05 2019 - 6:30AM
Fanhua Inc. (“Fanhua” or “the Company”) (Nasdaq: FANH), a leading
independent financial services provider in China, today announced
that it has repurchased 23,510 of its American Depository Shares
(“ADSs”) at an average price of approximately US$32.9 per ADS for a
total amount of approximately US$0.8 million for the week of July
29, 2019. From March 13, 2019 to August 2, 2019, it has purchased
an aggregate of 2,197,430 ADSs, at an average price of
approximately US$27.7 per ADS for a total amount of approximately
US$61.0 million, under its share buyback program to repurchase up
to US$200 million ADSs by December 31, 2019, as previously
announced by its board of directors in March 2019.
Pursuant to its share buyback programs executed
in 2018 and 2019, a total of 3,621,204 ADSs have been repurchased
at an average price of approximately US$26.9 per ADS for a total
amount of approximately US$97.3 million, as of August 2, 2019.
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, including life and property and
casualty 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 March 31, 2019, our distribution and
service network is consisted of 709 sales outlets covering 21
provinces and 143 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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