Fanhua Announces Withdrawal of Non-binding Going Private Proposal
December 23 2022 - 4:30PM
Fanhua Inc. (“Fanhua” or the “Company”) (Nasdaq: FANH), a leading
independent financial services provider in China, today announced
that its board of directors has received a notice dated December
19, 2022 from Mr. Yinan Hu, founder, chairman and chief executive
officer of Fanhua, stating that he has determined to withdraw the
preliminary non-binding going private proposal dated December 16,
2021, effective immediately.
Mr. Yinan Hu, Chairman and CEO of Fanhua, said:
“With the going private proposal I made last year, I meant to take
it as an opportunity to drive internal strategic transformation of
the Company. In view of the recent announcement by the Public
Company Accounting Oversight Board which substantially eases the
delisting risk of China-based U.S.-listed companies and the
preliminary successful results of the Company’s strategic
transformation, I believe that maintaining the Company’s listing
status in the U.S. is more in the long-term interest of the
Company.”
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
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
Fanhua (NASDAQ:FANH)
Historical Stock Chart
From Jun 2024 to Jul 2024
Fanhua (NASDAQ:FANH)
Historical Stock Chart
From Jul 2023 to Jul 2024