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Fanhua Announces US$20 Million Share Buyback Program

By Fanhua Inc. - Dec 19, 2022, 07:33 AM ET
Last Updated - Aug 05, 2024, 02:26 AM EDT
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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

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

GUANGZHOU, China, Dec. 19, 2022 (GLOBE NEWSWIRE) -- 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.

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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.”

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