Fanhua Announces Changes to its Board of Directors and Management
December 16 2021 - 8:27AM
The board of directors (the “Board”) of Fanhua Inc. (“Fanhua” or
“the Company”) (Nasdaq: FANH), a leading independent financial
services provider in China, today announced that with immediate
effect, Mr. Yinan Hu (“Mr. Hu”), founder and a director of the
Company, has been appointed by the Company’s Board to be its
chairman and chief executive officer, filling the vacancy left by
the resignation of Mr. Chunlin Wang (“Mr. Wang”). Mr. Wang has
informed the Board that his resignation is due to his personal
reasons.
As the founder of Fanhua, Mr. Yinan Hu is also
the largest shareholder of the Company, currently beneficially owns
approximately 18.6% of the Company’s outstanding ordinary shares.
Mr. Hu served as chairman of the Board from 1998 to 2017, and chief
executive officer from 1998 to 2011. Mr. Hu Yinan graduated from
Southwestern University of Finance and Economics with a master's
degree in finance. In 2020, he was awarded the honorary title of
“The 40 Greatest Insurance Leaders in 40 Years of Chinese Insurance
Industry’s History”, recognized as a leading figure in China's
insurance industry.
Mr. Yinan Hu, chairman and chief executive
officer of Fanhua, commented, “In the past decade, Mr. Chunlin
Wang, as the captain of Fanhua, has shown excellent leadership and
strong strategic execution, making great contributions to the
growth of Fanhua. On behalf of the Company's board of directors, I
would like to extend my most sincere thanks to him.
“China's insurance industry is currently in a
stage of profound changes, posing great challenges to Fanhua’s
development. Fanhua thus upgraded its development strategy to
‘Professionalization, Digitalization and Open Platform’ in 2021,
and the next few years will be crucial for delivering the strategy
successfully. I am grateful to the Board for their trust and
support. I am convinced that Fanhua will transform into a great
company. I will lead all the people of Fanhua to strive to achieve
this goal with an all-out effort. ”
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) Baowang (www.baoxian.com),
an online entry portal for comparing and purchasing health,
accident, travel and homeowner insurance products and (3) eHuzhu
(www.ehuzhu.com), a non-profit online mutual aid platform in
China.
As of September 30, 2021, our distribution and
service network is consisted of 750 sales outlets covering 23
provinces and 110 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, those relating to its ability to attract and retain
productive agents, especially entrepreneurial 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, future development of COVID-19 outbreak 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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