CNinsure Announces Resignation of Chief Financial Officer and Appoints Peng Ge as the New Chief Financial Officer

GUANGZHOU, China, Feb. 25 /Xinhua-PRNewswire-FirstCall/ -- CNinsure Inc. CISG, a leading independent insurance agency and brokerage company operating in China, today announced that, for personal reasons, David Tang will resign from his position as Chief Financial Officer and Vice President of the company, effective April 1, 2008. Peng Ge, currently Vice President, General Manager of the Finance and Accounting Department and a Director of the company, will assume the role of Chief Financial Officer of the company.

Mr. Tang joined CNinsure and was appointed Chief Financial Officer in February 2007. "David has played an important role in our IPO. On behalf of the board, we would like to thank David for his contributions to the Company and wish him every success in his future career," remarked Yinan Hu, CNinsure's Chairman and Chief Executive Officer.

Mr. Peng Ge has been our Vice President and General Manager of the Finance and Accounting Department since 2005 and a Director since August 2007. He is in charge of capital market, the management of accounting and internal control and operational planning. From 1999 to 2005, Mr. Ge headed our business operations in Beijing. During his service in our company, he has played a key role in attracting investments from CATHAY and CDH, two of our biggest shareholders. He also contributed greatly to the success of our IPO in 2007 and was actively involved in the entire IPO process, including overseeing the preparation of financial statements, coordinating the audit process, assisting with due diligence and participating in the road-show. Previously, from 1994 to 1999, Mr. Ge served as a financial manager in China National Native Produce and Animal By-Products Import & Export Corporation. Mr. Ge holds his Master of Business Administration degree and Bachelor degree in international accounting from the University of International Business and Economics in China.

 

Commenting on Mr. Ge’s appointment, Mr.Hu added, “Mr. Ge has demonstrated a comprehensive understanding of financial and accounting matters since he joined the company in 1999. We are confident that his experience will further contribute to our future progress. As such, we wholeheartedly welcome Mr. Ge to his new role at the Company.”

 

CNinsure is a leading independent insurance agency and brokerage company operating in China. CNinsure's distribution network reaches many 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, as well as other insurance-related services.

This press release contains statements of a forward-looking nature. These statements 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 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 CNinsure and the industry. Potential risks and uncertainties include, but are not limited to, those relating to CNinsure's limited operating history, especially its limited experience in selling life insurance products, its ability to attract and retain productive agents, especially entrepreneurial agents, its ability to maintain existing and develop new business relationships with insurance companies, its ability to execute its growth strategy, its ability to adapt to the evolving regulatory environment in Chinese insurance industry, and its ability to compete effectively against its competitors. All information provided in this press release is as of February 25, 2008, and CNinsure undertakes no obligation to update any forward looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although CNinsure believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by CNinsure is included in CNinsure's filings with the U.S. Securities and Exchange Commission, including its registration statement on Form F-1.