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CNinsure (Nasdaq:CISG), a leading independent insurance intermediary company in China, today announced that it has entered into share purchase agreements with companies established on behalf of the employees of the Company for the issuance of up to 100,000,000 ordinary shares of the Company, representing approximately 10% of the Company’s current total outstanding share capital, for a per share purchase price of $0.27.
The company’s shares purchased by the Employee Companies are subject to a 6 months’ lock-up period.
Completion of the share issuance to the Employee Companies is subject to customary closing conditions. The Company expects to use the proceeds from the share issuance for working capital and general corporate purposes.
Mr. Chunlin Wang, the chief executive officer of CNinsure commented, “Our plan is to constructively align our employees’ interest with that of CNinsure by providing our employees with the opportunity to invest their personal funds in the Company. The share issuance will reflect our employees’ confidence in the Company’s overall business strategies and prospects.”
CNinsure is a leading independent intermediary company operating in China. CNinsure’s distribution network reaches many of China’s most economically developed regions and affluent cities.
In a statement the company said that it “distributes a wide variety of property and casualty and life insurance products underwritten by domestic and foreign insurance companies operating in China, and provides insurance claims adjusting as well as other insurance-related services”.
