Fanhua Announces Withdrawal of Non-binding Going Private Proposal
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
GUANGZHOU, China, Dec. 23, 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 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.
