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Fanhua Announces Completion of Distribution of CNFinance Shares

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GUANGZHOU, China, June 29, 2022 (GLOBE NEWSWIRE) -- Fanhua Inc. (the “Company” or “Fanhua”) (Nasdaq: FANH), a leading independent financial services provider in China, today announced that its previously announced distribution of 252,995,600 ordinary shares of CNFinance Holdings Limited (“CNFinance”) has been completed on June 28, 2022.

As previously announced, Fanhua shareholders received 4.71 CNFinance ordinary shares for each 20 outstanding Fanhua ordinary shares, or 0.2355 CNFinance ADSs for each Fanhua ADS. Following the distribution, Fanhua’s equity stake in CNFinance decreased from approximately 18.5% currently to approximately 0.01%.

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 short term health, accident, travel and homeowner insurance products; and (3) eHuzhu (www.ehuzhu.com), a non-profit online mutual aid platform in China.

As of March 31, 2022, our distribution and service network is consisted of 735 sales outlets covering 23 provinces, autonomous regions and centrally-administered municipalities and 109 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.


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About FANH

泛华企业集团有限公司成立于1998年,是中国领先的独立第三方o2o综合金融服务公司,致力于通过互联网与地面网络有机结合,为个人及企业客户提供多元化的金融产品和服务(包括财险、寿险、理财产品和消费者金融服务、保险公估服务,以及紧急救援等客户增值服务)。泛华于2007年10月31日在美国纳斯达克主板上市,股票代码为cisg(中文译名曾为泛华保险服务集团)。 在保险服务领域,泛华企业集团全资拥有泛华保险销售服务集团、泛华博成保险经纪公司,控股泛华保网电子商务有限公司、泛华保险公估有限公司;在金融服务领域,泛华企业集团投资参股了泛华金融服务集团,泛华普益基金销售公司;在互联网金融服务领域,泛华企业集团拥有掌中保、保网(http://www.baoxian.com)、车童网(http://www.chetong.net)、e互助(http://www.ehuzhu.com)、淘淘金(http://www.taotaojin.com/)等线上平台。 掌中保是面向代理人的移动交易平台,帮助代理人通过移动终端的app为客户提供大量车险、寿险和理财产品的实时报价和在线交易。保网(www.baoxian.com)是意健险购买入口,直接面向终端消费者销售数十家保险公司的数百款健康险、意外险、旅游险等标准化产品。 车险比价网站即将在2015年中推出,我们致力于将其打造成为中国消费者搜索和购买车险的首选平台。车童网(www.chetong.net)是国内首个基于地图定位技术的保险售后公共服务平台。车童网利用互联网技术整合各地的汽车和保险服务资源,为客户提供查勘、定损、救援、快修等服务。 泛华的专业顾问及服务网络覆盖全国29个省(市、自治区),包括中国经济最发达的城市和地区。泛华的线下销售和服务网络与线上平台相辅相成,全方位地满足消费者对面对面咨询服务、线上便捷消费、线下贴身售后服务等多种个性化的需求。 泛华在为股东、员工、客户创造价值的同时,也积极履行企业的社会责任。2014年7月份,泛华发起国内首个非营利性的网络互助平台——e互助(www.ehuzhu.com;微信公众号:ehuzhu),专注于通过会员互助的形式为会员成员们提供低成本全面有效的避险方案。 泛华对服务品质的孜孜追求,赢来了客户和合作伙伴的信赖。在保险领域,2014年,泛华保险再次获选“2014领航中国年度最佳保险中介公司”。