Fanhua Inc. American Depositary Shares - FANH STOCK NEWS

Fanhua Inc. (Nasdaq: FANH), a leading independent technology-driven financial services provider in China, has announced a significant change. Effective October 23, 2024, the company's American Depository Shares will trade on Nasdaq under the new ticker symbol 'AIFU', replacing the current 'FANH'.

This change aligns with Fanhua's proposed rebranding, which includes changing its English name to 'AIX Inc.' and its Chinese name to '智能未来有限公司' (Smart Future ). These name changes are scheduled to take effect on November 1, 2024, subject to shareholder approval at the extraordinary general meeting on October 31, 2024.

Fanhua Inc. (Nasdaq: FANH) announced changes to its board of directors and management team on October 9, 2024. Ms. Hang Suong Nguyen has been appointed as the new Chairperson of the Board, effective September 30, 2024. She brings experience from her roles at WEALTH WILL and Trustwell Far East Pte.

Three directors have resigned: Mr. Yunxiang Tang, Mr. Allen Lueth, and Mr. Ben Lin. The Board appointed Ms. Jiaxing Shi as Independent Director and Chair of the Audit Committee, and Mr. Changfu Li as Independent Director and Chair of the Compensation Committee. The new board composition includes six members, with Mr. Yinan Hu serving as Vice Chairperson and CEO, and Mr. Peng Ge as Executive Director and CFO.

Fanhua Inc. (Nasdaq: FANH) announced significant changes to its Board of Directors and management team, effective September 30, 2024. Ms. Hang Suong Nguyen has been appointed as the new Chairperson of the Board, bringing over 10 years of investment management experience. Three incumbent directors, including Mr. Yunxiang Tang, Mr. Allen Lueth, and Mr. Ben Lin, have resigned due to personal reasons. Mr. Lin has also stepped down as Chief Strategy Officer.

To fill the vacancies, the Board has appointed Ms. Jiaxing Shi as Independent Director and Chair of the Audit Committee, and Mr. Changfu Li as Independent Director and Chair of the Compensation Committee. These changes are part of Fanhua's strategic upgrade towards pursuing growth through artificial intelligence.

Fanhua Inc. (Nasdaq: FANH), a leading independent technology-driven financial services provider in China, has announced it will hold an extraordinary general meeting (EGM) of shareholders on October 31, 2024, at 9:00 a.m. Beijing/Hong Kong Time. The meeting will take place at the company's executive office in Guangzhou, China.

Shareholders of record as of October 1, 2024, Eastern Time, are eligible to vote at the EGM. ADS holders must act through JPMorgan Chase Bank, N.A., the depositary of Fanhua's ADS program, to exercise their voting rights. The EGM notice, proxy form, and voting instruction card for ADS holders are available on Fanhua's Investor Relations website.

Additionally, Fanhua has filed its annual report on Form 20-F for the fiscal year ended December 31, 2023, with the U.S. Securities and Exchange Commission. The report can be accessed on both Fanhua's website and the SEC's website.

Fanhua Inc. (Nasdaq: FANH) reported its unaudited financial results for the first half of 2024. Key highlights include:

- Total net revenues decreased by 42.7% to RMB1.1 billion (US$154.6 million)
- Operating income decreased by 62.5% to RMB54.9 million (US$7.6 million)
- Net income attributable to shareholders decreased by 96.5% to RMB4.7 million (US$653,000)
- Total life insurance gross written premiums (GWP) decreased slightly by 0.7% to RMB8.6 billion
- First year premiums (FYP) decreased by 48.3% to RMB1.2 billion
- Renewal premiums increased by 16.7% to RMB7.4 billion

The company faced challenges due to the implementation of the 'Unified Commissions and Fees in Reporting and Underwriting' policy, which disrupted the sector. Despite this, Fanhua continued to advance its strategy and launched an AI model for insurance distribution called 'Du Xiaobao' L2.

Fanhua Inc. (Nasdaq: FANH), a leading independent technology-driven financial services provider in China, has announced a significant change to its Board of Directors. Mr. Peh Chin Hua has resigned from his positions as director and Chairman of the Board, citing personal reasons. The Board has accepted his resignation, which is effective immediately.

This unexpected departure marks a notable shift in Fanhua's leadership structure. As a key figure in the company's governance, Mr. Peh's exit may have implications for the company's strategic direction and operations. The Board's statement wishing Mr. Peh well in his future endeavors suggests an amicable separation, but leaves open questions about succession plans and the potential impact on Fanhua's business strategy moving forward.

Fanhua Inc. (Nasdaq: FANH), a leading independent technology-driven financial services provider in China, has announced a strategic partnership between its subsidiary Fanhua BluePlus Health Management Co., and Shanghai Biotecan Pharmaceuticals Co. The collaboration aims to leverage their respective strengths in cutting-edge medical testing, health management, and cell therapy.

Qiao Yu, CEO of Fanhua BluePlus, expressed excitement about the partnership, highlighting Biotecan's pioneering role in clinical molecular diagnostics and biomedicine in China. The agreement underscores Fanhua's commitment to meeting customers' needs for high-quality life and comprehensive healthcare solutions. As a one-stop health and wellness service platform provider, Fanhua BluePlus plans to continue seeking partnerships with top biopharmaceutical enterprises to connect health service providers with clients.

Fanhua Inc. (Nasdaq: FANH), a leading independent tech-driven financial services provider in China, has announced plans to release its unaudited financial results for the first half of 2024 on September 18, 2024. The company has provided guidance on its expected financial performance, projecting an adjusted EBITDA range of RMB70 million to RMB80 million for the first half of 2024.

This announcement gives investors and analysts a preview of Fanhua's financial health and performance for the first six months of 2024. The projected adjusted EBITDA range suggests that the company anticipates positive earnings before interest, taxes, depreciation, and amortization, adjusted for certain non-recurring items.

Fanhua Inc. (Nasdaq: FANH) announced the completion of share option cash exercises by key employees. The options, granted to 15 management team members, were fully exercised at $1.92 per ADS, a 21.4% premium over the closing price before the exercise. This resulted in these employees collectively holding 10.8% of the company's shares.

The company offered loans at 3% interest to facilitate the exercise, with employees committing to a minimum three-year service period. CEO Yinan Hu emphasized that this move demonstrates confidence in Fanhua's long-term growth. The company has over RMB1.4 billion in net cash, equivalent to $3.2 per ADR, significantly higher than the current stock price.