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Financial Highlights:
Highlights for Fourth Quarter 2012
Highlights for Fiscal Year 2012
Commenting on the fourth quarter and fiscal year 2012 financial results, Mr.
"During 2012 we achieved many important milestones along the way to our goal of incorporating more technology into our business. These milestones included, among others, 1) the launch of CNpad, our proprietary mobile sales support device, which aims at helping our sales agents to serve their clients more effectively, 2) enhancing our life insurance platform by broadening product offerings to include financial products, expanding the market presence of our life insurance distribution network in major cities and strengthening our elite sales force, and 3) the establishment of the sales service group company. Looking ahead to 2013, we will continue to execute our growth strategies in order to create long-term shareholder value."
Financial Results for the Fourth Quarter Ended
Total net revenues were
Total operating costs and expenses were
Commissions and fees expenses were
Selling expenses were
General and administrative expenses were
Impairment loss on intangible assets and goodwill was nil for the fourth quarter of 2012, as compared to
As a result of the foregoing factors, income from operations was
Non-GAAP operating income, which excluded (1) impairment losses on intangible assets and goodwill for the fourth quarter of 2011 and (2) share-based compensation expenses for the fourth quarter of 2012 and the corresponding period in 2011, was
Operating margin was 1.5% for the fourth quarter of 2012, compared to negative 242.2% for the corresponding period in 2011. Non-GAAP operating margin was 4.4% for the fourth quarter of 2012, compared to 17.5% for the corresponding period in 2011.
Interest income was
Income tax expense was
Net income attributable to the Company's shareholders was
Net margin was 4.6% for the fourth quarter of 2012 compared to negative171.7% for the corresponding period in 2011.
Non-GAAP net income attributable to the Company's shareholders, which excluded(1) impairment losses on goodwill and intangible assets for the fourth quarter of 2011, (2) share-based compensation expenses for the fourth quarter of 2012 and the corresponding period in 2011,(3) refunds from the selling shareholder of certain acquired subsidiaries for the fourth quarter of 2012 and the corresponding period in 2011,and (4) net income from discontinued operations for the fourth quarter of 2011, was
Basic and diluted net income per ADS was
Non-GAAP basic net income per ADS was
Non-GAAP diluted net income per ADS was
As of
Financial Results for the Year Ended
Total net revenues for fiscal year 2012 were
Total operating costs and expenses were
Commissions and fees expenses were
Selling expenses were
General and administrative expenses were
(1) 17.3% increase in share-based compensation expenses, from
(2) 11.4% increase in payroll expense from
(3) the recognition of approximately
Impairment loss on intangible assets and goodwill was nil for fiscal year 2012, as compared to
As a result of the foregoing factors, income from operations was
Operating margin was 4.2% for fiscal year 2012, compared to negative 49.3% in fiscal year 2011.
Non-GAAP operating margin was 8.4% for fiscal year 2012, compared to 24.8% in fiscal year 2011.
Non-GAAP operating income which excluded (1) impairment losses on intangible assets and goodwill for fiscal year of 2011, (2) share-based compensation expenses for fiscal year 2012 and 2011, and (3) professional fees relating to a non-binding going-private proposal that was later withdrawn, was
Interest income for fiscal year 2012 was
Income tax expense for fiscal year 2012 was
Net income attributable to the Company's shareholders was
Net margin was 8.2% for fiscal year 2012, compared to negative 19.7% for fiscal year 2011.
Non-GAAP net income attributable to the Company's shareholders, which excluded (1) impairment losses on goodwill and intangible assets, net of tax, for fiscal year 2011, (2) share-based compensation expense for fiscal year 2011 and 2012, (3) professional fees relating to a non-binding going-private proposal that was later withdrawn for fiscal year 2011, (4) refunds from the selling shareholders of certain acquired subsidiaries for fiscal year 2011 and 2012, (5) cash bonus received from the
Non-GAAP net margin was 12.2% for fiscal year 2012, compared to 24.2% for fiscal year 2011.
Basic and diluted net income per ADS was
Non-GAAP basic net income per ADS was
Non-GAAP diluted net income per ADS was
Recent developments:
Business Outlook
Conference Call
The Company will host a conference call to discuss the fourth quarter and fiscal year 2012 results at
Time: |
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The dial-in numbers: | |
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1-855-500-8701 |
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0800-015-9724 |
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1-855-757-1565 |
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0080-665-1951 |
Hong Kong | 852-3051-2745 |
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400-120-0654 |
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+65-6723-9385 |
A replay of the call will be available for 3 days by dialing the following number: +61-2-8199-299 | |
Conference ID #: 96102600 | |
Additionally, a live and archived web cast of this call will be available at: http://ir.cninsure.net/events.cfm |
About
Forward-looking Statements
This press release contains statements of a forward-looking nature. These statements, including the statements relating to the Company's future financial and operating results, are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward- looking statements by terminology such as "will," "expects," "believes," "anticipates," "intends," "estimates" and similar statements. Among other things, the management's quotations and the Business Outlook section contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about
About Non-GAAP Financial Measures
In addition to the Company's consolidated financial results under GAAP, the Company also provides non-GAAP financial measures, excluding net income from discontinued operations, share-based compensation expenses, professional fees relating to the non-binding going-private proposal that was later withdrawn, impairment losses on intangible asset and goodwill and refunds from selling shareholders of certain acquired subsidiaries and cash bonus received from the
In light of the limitations, the presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. We encourage investors and other interested persons to review our financial information in its entirety and not rely on a single financial measure. For more information on these non-GAAP financial measures, please see the tables captioned "Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures" set forth at the end of this release.
1This announcement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of
2Following the sale of
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Unaudited Condensed Consolidated Balance Sheets | |||
(In thousands) | |||
As of |
As of |
As of |
|
2011 | 2012 | 2012 | |
RMB | RMB | US$ | |
ASSETS: | |||
Current assets: | |||
Cash and cash equivalents | 2,222,160 | 2,525,618 | 405,390 |
Restricted cash | 10,076 | 10,871 | 1,745 |
Short term investments | 31,230 | 600 | 96 |
Accounts receivable, net | 166,363 | 196,244 | 31,499 |
Insurance premium receivables | 3 | 10 | 2 |
Other receivables | 82,736 | 86,565 | 13,895 |
Deferred tax assets | 7,369 | 4,942 | 793 |
Amounts due from related parties | 365,636 | 151,785 | 24,363 |
Other current assets | 12,841 | 17,265 | 2,771 |
Total current assets | 2,898,414 | 2,993,900 | 480,554 |
Non-current assets: | |||
Property, plant, and equipment, net | 84,712 | 94,921 | 15,236 |
Goodwill and intangible assets, net | 136,607 | 121,333 | 19,476 |
Deferred tax assets | 1,892 | 3,967 | 637 |
Investment in affiliates | 153,962 | 168,620 | 27,065 |
Other non-current assets | 5,409 | 18,048 | 2,897 |
Total non-current assets | 382,582 | 406,889 | 65,311 |
Total assets | 3,280,996 | 3,400,789 | 545,865 |
CNINSURE INC. | |||
Unaudited Condensed Consolidated Balance Sheets-(Continued) | |||
(In thousands) | |||
As of |
As of |
As of December 31, | |
2011 | 2012 | 2012 | |
RMB | RMB | US$ | |
LIABILITIES AND EQUITY: | |||
Current liabilities: | |||
Accounts payable (including accounts payable of the consolidated variable interest entities ("VIEs") without recourse to |
107,042 | 98,124 | 15,750 |
Insurance premium payables (including insurance premium payables of the consolidated VIEs without recourse to |
2,684 | 2,941 | 472 |
Other payables and accrued expenses (including other payables and accrued expenses of the consolidated VIEs without recourse to |
92,682 | 116,124 | 18,639 |
Accrued payroll (including accrued payroll of the consolidated VIEs without recourse to |
35,219 | 42,317 | 6,792 |
Income taxes payable (including income taxes payable of the consolidated of VIEs without recourse to |
70,377 | 56,003 | 8,989 |
Amounts due to related parties (including amounts due to related parties of the consolidated of VIEs without recourse to |
20,305 | 3,030 | 487 |
Total current liabilities | 328,309 | 318,539 | 51,129 |
CNINSURE INC. | |||
Unaudited Condensed Consolidated Balance Sheets-(Continued) | |||
(In thousands) | |||
As of |
As of |
As of |
|
2011 | 2012 | 2012 | |
RMB | RMB | US$ | |
Non-current liabilities: | |||
Other tax liabilities | 43,586 | 47,589 | 7,639 |
Deferred tax liabilities | 30,106 | 26,754 | 4,294 |
Total non-current liabilities | 73,692 | 74,343 | 11,933 |
Total liabilities | 402,001 | 392,882 | 63,062 |
Ordinary shares | 7,646 | 7,624 | 1,224 |
Additional paid-in capital | 2,272,580 | 2,284,906 | 366,753 |
Statutory reserves | 167,147 | 178,440 | 28,642 |
Retained earnings | 408,325 | 527,542 | 84,676 |
Accumulated other comprehensive loss | (101,651) | (104,132) | (16,714) |
Total |
2,754,047 | 2,894,380 | 464,581 |
Noncontrolling interests | 124,948 | 113,527 | 18,222 |
Total equity | 2,878,995 | 3,007,907 | 482,803 |
Total liabilities and equity | 3,280,996 | 3,400,789 | 545,865 |
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||||||
Unaudited Condensed Consolidated Statements of Operations | ||||||
(In thousands, except for shares and per share data) | ||||||
For The Three Months Ended | For The Twelve Months Ended | |||||
|
|
|||||
2011 | 2012 | 2012 | 2011 | 2012 | 2012 | |
RMB | RMB | US$ | RMB | RMB | US$ | |
Net revenues: | ||||||
Commissions and fees | 415,501 | 430,137 | 69,042 | 1,510,886 | 1,580,234 | 253,645 |
Other service fees | 3,101 | 5,690 | 913 | 5,789 | 5,883 | 944 |
Total net revenues | 418,602 | 435,827 | 69,955 | 1,516,675 | 1,586,117 | 254,589 |
Operating costs and expenses: | ||||||
Commissions and fees | (245,265) | (311,821) | (50,051) | (796,843) | (1,085,809) | (174,285) |
Selling expenses | (19,884) | (19,332) | (3,103) | (77,802) | (78,449) | (12,592) |
General and administrative expenses | (129,759) | (98,280) | (15,775) | (333,281) | (356,033) | (57,147) |
Impairment loss | (1,037,657) | — | — | (1,057,522) | — | — |
Total operating costs and expenses | (1,432,565) | (429,433) | (68,929) | (2,265,448) | (1,520,291) | (244,024) |
Income (loss) from operations | (1,013,963) | 6,394 | 1,026 | (748,773) | 65,826 | 10,565 |
Other income and expenses, net: | ||||||
Interest income | 16,581 | 20,055 | 3,219 | 52,031 | 90,323 | 14,498 |
Finance cost | — | (2,439) | (391) | — | (2,439) | (391) |
Others, net | 12,004 | 3,396 | 545 | 22,436 | 6,742 | 1,082 |
Income (loss) from continuing operations before income taxes and income of affiliates and discontinued operations | (985,378) | 27,406 | 4,399 | (674,306) | 160,452 | 25,754 |
Income tax expense | (18,583) | (9,541) | (1,532) | (84,030) | (50,373) | (8,085) |
Share of income of affiliates | 5,930 | 610 | 98 | 14,246 | 14,658 | 2,353 |
Net income (loss) from continuing operations | (998,031) | 18,475 | 2,965 | (744,090) | 124,737 | 20,022 |
Net income (loss) from discontinued operations, net of tax | (29,700) | — | — | 127,553 | — | — |
Net income (loss) | (1,027,731) | 18,475 | 2,965 | (616,537) | 124,737 | 20,022 |
Less: Net loss attributable to the noncontrolling interests | (309,097) | (1,581) | (254) | (317,163) | (5,773) | (926) |
Net income (loss) attributable to the Company's shareholders | (718,634) | 20,056 | 3,219 | (299,374) | 130,510 | 20,948 |
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Unaudited Condensed Consolidated Statements of Operations-(Continued) | ||||||
(In thousands, except for shares and per share data) | ||||||
For The Three Months Ended | For The Twelve Months Ended | |||||
|
|
|||||
2011 | 2012 | 2012 | 2011 | 2012 | 2012 | |
RMB | RMB | US$ | RMB | RMB | US$ | |
Net income (loss)per share: | ||||||
Basic: | ||||||
N Net income (loss) from continuing operations | (0.69) | 0.02 | — | (0.43) | 0.13 | 0.02 |
Net income (loss) from discontinued operations | (0.03) | — | — | 0.13 | — | — |
Net income (loss) | (0.72) | 0.02 | — | (0.30) | 0.13 | 0.02 |
Diluted: | ||||||
Net income (loss) from continuing operations | (0.69) | 0.02 | — | (0.43) | 0.13 | 0.02 |
Net income (loss) from discontinued operations | (0.03) | — | — | 0.13 | — | — |
Net income (loss) | (0.72) | 0.02 | — | (0.30) | 0.13 | 0.02 |
Net income (loss) per ADS: | ||||||
Basic: | ||||||
Net income (loss) from continuing operations | (13.74) | 0.40 | 0.06 | (8.51) | 2.60 | 0.42 |
Net income (loss) from discontinued operations | (0.60) | — | — | 2.54 | — | — |
Net income | (14.34) | 0.40 | 0.06 | (5.97) | 2.60 | 0.42 |
Diluted: | ||||||
Net income (loss) from continuing operations | (13.74) | 0.40 | 0.06 | (8.51) | 2.60 | 0.42 |
Net income (loss) from discontinued operations | (0.60) | — | — | 2.54 | — | — |
Net income (loss) | (14.34) | 0.40 | 0.06 | (5.97) | 2.60 | 0.42 |
Shares used in calculating net income per share: | 1,002,529,466 | 1,001,558,815 | 1,001,558,815 | 1,002,810,673 | 1,002,308,275 | 1,002,308,275 |
Basic | ||||||
Diluted | 1,002,529,466 | 1,005,461,258 | 1,005,461,258 | 1,002,810,673 | 1,005,301,969 | 1,005,301,969 |
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Unaudited Condensed Consolidated Statements of |
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(In thousands) | ||||||
For The Three Months Ended | For The Twelve Months Ended | |||||
|
|
|||||
2011 | 2012 | 2012 | 2011 | 2012 | 2012 | |
RMB | RMB | US$ | RMB | RMB | US$ | |
OPERATING ACTIVITIES | ||||||
Net income (loss) | (1,027,731) | 18,475 | 2,965 | (616,537) | 124,737 | 20,022 |
Adjustments to reconcile net income (loss) to net cash generated from operating activities: | ||||||
Depreciation | 6,712 | 6,539 | 1,050 | 27,370 | 26,349 | 4,229 |
Amortization of intangible assets | 6,483 | 3,725 | 598 | 26,454 | 15,285 | 2,453 |
Impairment loss on goodwill and intangible assets | 1,037,657 | — | — | 1,057,522 | — | — |
Allowance for doubtful receivables | 3,004 | 1,323 | 213 | 3,572 | 4,523 | 726 |
Compensation expenses associated with stock options | 49,501 | 12,920 | 2,074 | 57,003 | 66,878 | 10,735 |
Loss on disposal of property, plant and equipment | 377 | 2,363 | 379 | 542 | 3,662 | 588 |
Loss (gain) on disposal of subsidiaries | 29,700 | — | — | (127,553) | — | — |
Financial cost | — | 2,439 | 391 | — | 2,439 | 391 |
Share of income of affiliates | (5,930) | (610) | (98) | (14,246) | (14,658) | (2,353) |
Changes in fair value of contingent assets | (12,500) | (4,500) | (722) | (12,500) | (4,500) | (722) |
Changes in operating assets and liabilities | 76,847 | (20,335) | (3,264) | 89,773 | (66,907) | (10,739) |
Net cash generated from operating activities | 164,120 | 22,339 | 3,586 | 491,400 | 157,808 | 25,330 |
Cash flows generated from (used in) investing activities: | ||||||
Purchase of property, plant and equipment | (2,745) | (4,054) | (651) | (20,859) | (11,624) | (1,866) |
Proceeds from disposal of property and equipment | (9) | 4 | 1 | 793 | 584 | 94 |
Purchase of short term investments | — | — | — | (70,242) | (40,600) | (6,517) |
Proceeds from disposal of short term investments | 2,370 | — | — | 39,262 | 71,080 | 11,409 |
Acquisition of subsidiaries, net of cash | — | — | (49,996) | — | — | |
Disposal of subsidiaries, net of cash | (3,552) | — | — | 390,836 | 1,967 | 316 |
Purchase of intangible asset | — | — | — | (758) | — | — |
(Increase) decrease in restricted cash | (2,874) | 916 | 147 | (899) | (795) | (128) |
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Unaudited Condensed Consolidated Statements of |
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(In thousands) | ||||||
For The Three Months Ended | For The Twelve Months Ended | |||||
|
|
|||||
2011 | 2012 | 2012 | 2011 | 2012 | 2012 | |
RMB | RMB | US$ | RMB | RMB | US$ | |
Increase in other receivables | — | — | — | — | (3,400) | (545) |
Addition in investment in non-current assets | (700) | — | — | (1,700) | (1,948) | (313) |
Addition in investment in affiliates | — | — | — | (600) | — | — |
Return of investment in non-current assets | — | — | — | — | 1,300 | 209 |
Refund of contingent consideration | — | — | — | — | 12,500 | 2,006 |
(Increase) decrease in amounts due from related parties | (329,860) | (99,105) | (15,908) | (331,860) | 205,850 | 33,041 |
Net cash (used in) generated from investing activities | (337,370) | (102,239) | (16,411) | (46,023) | 234,914 | 37,706 |
Cash flows used in financing activities: | ||||||
Paid for contingent consideration | — | — | — | (100,000) | — | — |
Acquisition of additional interest in subsidiaries | (28,330) | (70,000) | (11,235) | (28,330) | (90,455) | (14,519) |
Capital injection by noncontrolling interests | 4,997 | — | — | 6,937 | 12,655 | 2,031 |
Repayment for related parties | (20,000) | — | — | — | — | — |
Proceeds on exercise of stock options | 63 | 300 | 48 | 5,305 | 348 | 56 |
Repurchase of ordinary shares | — | (9,244) | (1,484) | (13,722) | (9,244) | (1,484) |
Net cash used in financing activities | (43,270) | (78,944) | (12,671) | (129,810) | (86,696) | (13,916) |
Net (decrease) increase in cash and cash equivalents | (216,520) | (158,844) | (25,496) | 315,567 | 306,026 | 49,120 |
Cash and cash equivalents at beginning of period | 2,443,488 | 2,686,572 | 431,225 | 1,924,884 | 2,222,160 | 356,681 |
Effect of exchange rate changes on cash and cash equivalents | (4,808) | (2,110) | (339) | (18,291) | (2,568) | (411) |
Cash and cash equivalents at end of period | 2,222,160 | 2,525,618 | 405,390 | 2,222,160 | 2,525,618 | 405,390 |
Interest paid | — | — | — | — | — | — |
Income taxes paid | 12,904 | 8,321 | 1,336 | 93,913 | 63,400 | 10,176 |
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Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures | |||||||
(In RMB in thousands, except shares and per share data) | |||||||
For The Three Months Ended |
|||||||
GAAP | < 1 > | < 2 > | < 3 > | < 4 > | < 5 > | Non-GAAP | |
Operating income (loss) | (1,013,963) | 1,037,657 | 49,501 | — | — | — | 73,195 |
Operating margin | (242.2%) | 247.9% | 11.8% | — | — | — | 17.5% |
Net income attributable to the Company's shareholders | (718,634) | — | 49,501 | 724,853 | (9,375) | 29,700 | 76,045 |
Net margin | (171.7%) | — | 11.8% | 173.2% | (2.2%) | 7.1% | 18.2% |
Shares used in calculating basic net income per ADS | 1,002,529,466 | — | — | — | — | — | 1,002,529,466 |
Basic net income per ADS | (14.34) | — | 0.99 | 14.46 | (0.19) | 0.60 | 1.52 |
For The Three Months Ended |
|||||||
GAAP | < 1 > | < 2 > | < 3 > | < 4 > | < 5 > | Non-GAAP | |
Operating income | 6,394 | — | 12,920 | — | — | — | 19,314 |
Operating margin | 1.5% | — | 2.9% | — | — | — | 4.4% |
Net income attributable to the Company's shareholders | 20,056 | — | 12,920 | — | (4,500) | — | 28,476 |
Net margin | 4.6% | — | 2.9% | — | (1.0%) | — | 6.5% |
Shares used in calculating basic net income per ADS | 1,001,558,815 | — | — | — | — | — | 1,001,558,815 |
Basic net income per ADS | 0.40 | — | 0.26 | — | (0.09) | — | 0.57 |
< 1 > goodwill and intangible assets impairment losses;
< 2 > share-based compensation expenses;
< 3 > goodwill and intangible asset impairment attributable to the Company, net of tax;
< 4 > refunds from the selling shareholder of certain acquired subsidiaries, net of tax;
< 5 > discontinued operations income, net of tax.
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Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures-(Continued) | ||||||||
(In RMB in thousands, except shares and per share data) | ||||||||
For The Twelve Months Ended |
||||||||
GAAP | < 1 > | < 2 > | < 3 > | < 4 > | < 5 > | < 6 > | Non-GAAP | |
Operating income (loss) | (748,773) | 1,057,522 | 57,003 | 10,045 | — | — | — | 375,797 |
Operating margin | (49.3%) | 69.7% | 3.7% | 0.7% | — | — | — | 24.8% |
Net income attributable to the Company's shareholders | (299,374) | — | 57,003 | 10,045 | 742,968 | (15,455) | (127,553) | 367,634 |
Net margin | (19.7%) | — | 3.7% | 0.7% | 48.9% | (1.0%) | (8.4%) | 24.2% |
Shares used in calculating basic net income per ADS | 1,002,810,673 | — | — | — | — | — | — | 1,002,810,673 |
Basic net income per ADS | (5.97) | — | 1.14 | 0.20 | 14.82 | (0.31) | (2.55) | 7.33 |
For The Twelve Months Ended |
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GAAP | < 1 > | < 2 > | < 3 > | < 4 > | < 5 > | < 6 > | Non-GAAP | |
Operating income | 65,826 | — | 66,878 | — | — | — | — | 132,704 |
Operating margin | 4.2% | — | 4.2% | — | — | — | — | 8.4% |
Net income attributable to the Company's shareholders | 130,510 | — | 66,878 | — | — | (4,500) | — | 192,888 |
Net margin | 8.2% | — | 4.2% | — | — | (0.2%) | — | 12.2% |
Shares used in calculating basic net income per ADS | 1,002,308,275 | — | — | — | — | — | — | 1,002,308,275 |
Basic net income per ADS | 2.60 | — | 1.34 | — | — | (0.09) | — | 3.85 |
< 1 > goodwill and Intangible assets impairment;
< 2 > share-based compensation expense;
< 3 > one-off professional fees related to the non-binding going-private proposal;
< 4 > goodwill and intangible asset impairment attributable to the Company, net of tax;
< 5 > refunds from the selling shareholder of certain acquired subsidiaries and cash bonus received from the Shenzhen municipal government, net of tax;
< 6 > discontinued operations income, net of tax.
CONTACT: For more information, please contact:Source:Oasis Qiu Investor Relations Manager Tel: +86 (20) 6122-2731 Email: qiusr@cninsure.net
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