Fanhua Announces US$20 Million Share Buyback Program
December 19 2022 - 7:30AM
Fanhua Inc. (“Fanhua” or the “Company”) (Nasdaq: FANH), a leading
independent financial services provider in China, today announced
that its board of directors has approved a corporate share
repurchase program under which the Company may repurchase up to
US$20 million of its American depositary shares (“ADSs”) from time
to time, in such manners as management deems appropriate. The
repurchased shares will be used to fund the Company’s future
acquisitions in relations to the expansion of its open platform.
The Company’s proposed repurchases will be made
from time to time in the open market at prevailing market prices
and/or in privately negotiated transactions, depending on market
conditions and in accordance with applicable rules and regulations.
Fanhua plans to fund the share repurchase program from its
available cash reserve.
Mr. Yinan Hu, Chairman and CEO of Fanhua, said:
“As our platform-based development strategy takes effect as
expected, the management has set a target of restarting rapid
growth in 2023. Considering that the Company’s shares are
significantly undervalued, we believe a share back program through
which we can use the repurchased shares to pay for future
acquisitions will be an effective way to maximize share value for
our shareholders.”
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: (i) Lan Zhanggui,
an all-in-one platform which allows our agents to access and
purchase for their policy holders 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; (ii)
Baowang (www.baoxian.com), an online entry portal for comparing and
purchasing short term health, accident, travel and homeowner
insurance products and (iii) eHuzhu (www.ehuzhu.com), a non-profit
online mutual aid platform in China.
As of September 30, 2022, our distribution and
service network consisted of 697 sales outlets covering 23
provinces, autonomous regions and centrally-administered
municipalities and 100 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. Except
as otherwise indicated, all information provided in this press
release speaks 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.
Source: Fanhua Inc.
For more information, please contact:
Investor Relations
Tel: +86 (20) 8388-3191
Email: qiusr@fanhuaholdings.com
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