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TABLE OF CONTENTS
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|Title:||Chief Executive Officer|
Date: May 22, 2008
CNinsure Announces Appointment of New Independent Director
GUANGZHOU, China, May. 22 CNinsure Inc. (Nasdaq: CISG), a leading independent insurance agency and brokerage company operating in China, today announced that its Board of Directors has appointed Mr. Yongwei Ma, the former chairman of China Insurance Regulatory Commission, as an independent director on the companys board of directors, replacing Mr. Paul Wolansky, who was a non-independent director, effective immediately. The change is in accordance with the companys plan to become fully compliant with the relevant corporate governance requirements of the Nasdaq Marketplace Rules before the expiration of the one-year transition period after its initial public offering in October 2007.
Mr. Yongwei Ma has been an independent director of China Life Insurance Company Limited since 2006 and a member of the Standing Committee of National Committee of the Chinese Peoples Political Consultative Conference since 2003. From 1998 to 2002, he was the chairman of China Insurance Regulatory Commission. From 1996 to 1998, he served as the chairman and president of the former China Insurance Group Company. From 1994 to 1996, he served as the chairman and president of the former Peoples Insurance Company of China. Mr. Ma is a Researcher and graduated from Finance Department of Liaoning Finance and Economic University in 1966.
Mr. Paul Wolansky has been our director since June 2004 and he has served as a director of China United Financial Services Holdings Limited, a major shareholder of our company, since July 2001.
Commenting on the event, CNinsures Chairman and Chief Executive Officer, Mr. Yinan Hu, said We are very pleased to welcome Mr. Ma to the board. With more than 37 years experience in the banking and insurance industries, we believe that Mr. Ma will add great value to the Company. In addition, as an independent director, he will also help us to further improve our corporate governance.
Commenting on Mr. Paul Wolanskys departure, Mr. Hu said, We are grateful for Pauls contribution to the Companys growth and success in the past years.
About CNinsure Inc.
CNinsure is a leading independent insurance agency and brokerage company operating in China. CNinsures distribution network reaches many of Chinas 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 managements
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 CNinsures 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 the Chinese insurance industry, and its ability to compete effectively against its competitors. All information provided in this press release is as of May 22, 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 CNinsures filings with the U.S. Securities and Exchange Commission, including its registration statement on Form F-1.
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