Fanhua announces execution of a term sheet to acquire majority interests in zhongrong smart finance information technology co., ltd.

Guangzhou, china, nov. 24, 2022 (globe newswire) -- fanhua inc. (“fanhua” or the “company”) (nasdaq: fanh), a leading independent financial services provider in china, today announced that it has signed a term sheet (the “term sheet”) with the existing shareholders of zhongrong smart finance information technology co., ltd. (“zhongrong”) to acquire 57.73% equity interests of zhongrong in an all-stock transaction. the transaction is expected to be completed in january 2023, subject to certain customary conditions, including completion of satisfactory due diligence.
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