Fanhua Announces Spin-off of its P&C Insurance Subsidiaries
Fanhua Inc. - American depositary shares, each representing 20 ordinary shares (FANH)
Last fanhua inc. - american depositary shares, each representing 20 ordinary shares earnings: 3/18 04:55 pm
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Source: GlobeNewswire
GUANGZHOU, China, Oct. 27, 2017 (GLOBE NEWSWIRE) -- Fanhua Inc., (Nasdaq:FANH), (the "Company" or "Fanhua"), a leading independent online-to-offline ("O2O") financial services provider in China, today announced that, as part of its transition towards the fee-based property and casualty ("P&C") insurance platform model, it has entered into a share purchase agreement with Beijing Cheche Technology Co., Ltd. ("Cheche"), which operates an online auto insurance platform. Under this agreement, Fanhua agrees to sell the equity interests in Fanhua Times Sales & Service Co., Ltd., and its P&C insurance subsidiaries (collectively, the "P&C Insurance Division"), to Cheche for total consideration of approximately RMB222 million, which represents RMB130 million above the combined net asset value of the P&C Insurance Division. Fanhua's plan to change its P&C insurance business from a commission spread-based profit model to a fee-based platform model was previously announced on August 22, 2017.
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FANH
Sec Filings
- 3/20/24 - Form 6-K
- 3/12/24 - Form S-8
- 3/7/24 - Form F-3
- FANH's page on the SEC website