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GUANGZHOU, Guangzhou, China, October 30, 2007 – CNinsure Inc., a leading independent insurance agency and brokerage company operating in China, today announced that its initial public offering of 11,762,413 American Depositary Shares (“ADSs”), each representing 20 ordinary shares of the company, was priced at an initial public offering price of $16.00 per ADS. The ADSs will begin trading on the Nasdaq Global Market on October 31, 2007 under the symbol “CISG.”
Of the 11,762,413 ADSs sold in the offering, 9,650,000 ADSs were sold by CNinsure, and 2,112,413 ADSs were sold by selling shareholders. CNinsure has granted the underwriters a 30-day option to purchase up to 1,764,360 additional ADSs to cover over-allotments.
Morgan Stanley & Co International plc acted as book runner and lead manager. William Blair & Company L.L.C., Fox-Pitt Kelton Cochran Caronia Waller (USA) LLC and Piper Jaffray & Co. acted as co-managers for the offering.
CNinsure’s registration statement relating to these securities has been declared effective by the United States Securities and Exchange Commission. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offering of the securities is made only by means of a prospectus forming a part of the effective registration statement. A copy of the prospectus relating to the offering may be obtained by contacting Morgan Stanley International by mail, Attn: Prospectus Department, Morgan Stanley & Co. Incorporated, Prospectus Department, 180 Varick Street, New York, NY 10014, or by email at firstname.lastname@example.org.
About CNinsure Inc.
CNinsure is a leading independent insurance agency and brokerage company operating in China. CNinsure’s distribution network reaches some of China’s most economically developed regions and affluent cities. The company 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-related services.