Fanhua announces receipt of non-binding going private proposal

Guangzhou, china, dec. 16, 2021 (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 preliminary non-binding proposal letter dated december 16, 2021, from a consortium (the “consortium”) led by mr. yinan hu, founder and a director of the company, to acquire all of the outstanding ordinary shares of the company not already owned by the consortium for $9.8 per american depositary shares (“ads”), or $0.49 per ordinary share in a going private transaction, (the “proposed transaction”), subject to certain conditions. the price represents a premium of approximately 10.2% to the closing price of the company's ads on december 15, 2021. mr. hu currently beneficially owns approximately 18.6% of the company's outstanding ordinary shares.
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