Cheche Group CEO Lei Zhang Acquiring Company Ordinary Shares

Rhea-AI Summary

Cheche Group Inc. (NASDAQ: CCG), China's leading auto insurance technology platform, announced that its Founder, CEO, and Chairman, Lei Zhang, has recently purchased Class A ordinary shares of the company in the open market. Mr. Zhang expressed confidence in Cheche's potential, citing the rapid growth of digital insurance for new energy vehicles and significant economies of scale.

Zhang stated his intention to increase his ownership stake in Cheche through future open market opportunities, subject to the company's insider trading policy and applicable securities regulations. This move reflects his belief in Cheche's continued growth as they expand their network of insurance and manufacturing partners and increase their footprint in China's insurance business.

Positive

• CEO Lei Zhang purchasing company shares, demonstrating confidence in the business
• Rapid growth reported in digital insurance for new energy vehicles
• Significant economies of scale achieved
• Expansion of network with insurance and manufacturing partners
• Increasing footprint in China's insurance business

Negative

• None.

Insights

Financial Analyst

Lei Zhang's open market purchase of Cheche Group's Class A ordinary shares is a positive signal for investors, demonstrating management's confidence in the company's future prospects. This move often aligns executive interests with shareholders and can boost investor sentiment.

The focus on digital insurance for new energy vehicles positions Cheche in a high-growth sector within China's rapidly evolving automotive and insurance markets. The mention of "significant economies of scale" suggests improving operational efficiency, which could lead to enhanced profitability.

However, investors should note that the specific number of shares purchased and the price paid were not disclosed, limiting the ability to gauge the significance of this investment. Additionally, future share purchases are subject to insider trading policies and regulations, which may restrict timing and volume.

While this news is generally positive, its impact on the $57.79 million market cap company may be without more substantial financial or operational updates.

BEIJING, Sept. 30, 2024 /PRNewswire/ -- Cheche Group Inc. (NASDAQ: CCG) ("Cheche" or the "Company"), China's leading auto insurance technology platform, today announced that its Founder, Chief Executive Officer and Chairman, Lei Zhang, recently purchased Class A ordinary shares of Cheche in the open market.

"The rapid growth of the digital insurance business for new energy vehicles and the significant economies of scale underscore the enormous potential of our platform," said Mr. Zhang. "My investment reflects my confidence in Cheche as we continue to build and customize products for our expanding network of insurance and manufacturing partners and increase our footprint in China's insurance business."

Mr. Zhang intends to take advantage of future opportunities in the open market to increase his ownership stake of Cheche at attractive levels, subject to Cheche's insider trading policy and applicable securities regulations in all cases.

Safe Harbor Statements

This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements also include, but are not limited to, statements regarding existing and new partnerships and customer relationships, projections, estimation, and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the Company's ability to scale and grow its business, the Company's advantages and expected growth, and its ability to source and retain talent, as applicable. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company's management and are not predictions of actual performance. These statements involve risks, uncertainties, and other factors that may cause the Company's actual results, levels of activity, performance, or achievements to materially differ from those expressed or implied by these forward-looking statements. Further information regarding these and other risks, uncertainties, or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. Although the Company believes that it has a reasonable basis for each forward-looking statement contained in this press release, the Company cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. The forward-looking statements in this press release represent the views of the Company as of the date of this press release. Subsequent events and developments may cause those views to change. Except as may be required by law, the Company does not undertake any duty to update these forward-looking statements.

About Cheche Group Inc.

Established in 2014 and headquartered in Beijing, China, Cheche is a leading auto insurance technology platform with a nationwide network of around 108 branches licensed to distribute insurance policies across 25 provinces, autonomous regions, and municipalities in China. Capitalizing on its leading position in auto insurance transaction services, Cheche has evolved into a comprehensive, data-driven technology platform that offers a full suite of services and products for digital insurance transactions and insurance SaaS solutions in China. Learn more at https://www.chechegroup.com/en.

Cheche Group Inc.:
IR@chechegroup.com

Crocker Coulson
crocker.coulson@aummedia.org
(646) 652-7185

View original content:https://www.prnewswire.com/news-releases/cheche-group-ceo-lei-zhang-acquiring-company-ordinary-shares-302262094.html

SOURCE Cheche Technology

FAQ

What recent action did Cheche Group's CEO Lei Zhang take regarding CCG stock?

Lei Zhang recently purchased Class A ordinary shares of Cheche Group (CCG) in the open market.

Why did Cheche Group's CEO Lei Zhang purchase CCG shares?

Lei Zhang's purchase reflects his confidence in Cheche's potential, citing rapid growth in digital insurance for new energy vehicles and significant economies of scale.

What are Cheche Group's (CCG) future plans according to the CEO's statement?

Cheche plans to continue building and customizing products for their expanding network of insurance and manufacturing partners, and increase their footprint in China's insurance business.

Does Lei Zhang intend to purchase more CCG shares in the future?

Yes, Lei Zhang intends to take advantage of future opportunities in the open market to increase his ownership stake in Cheche, subject to insider trading policies and securities regulations.