Fanhua expands share repurchase program to 6.5M shares
Fanhua announced that its board has approved to expand its share purchase program, pursuant to which the maximum number of shares to be purchased will be increased from an initial round of $20M worth of American Depositary Shares, or ADS to 6.5M ADS. Purchases will be made from time to time on the open market or in block trades at prevailing market prices of no more than $29 per ADS. The expiration date of the share purchase program is also extended to December 31. The purchased shares will be used as treasury shares and resold to the participants of Fanhua 521 Development Plan at the weighted average of the closing prices of the purchases under the share purchase program. If the total number of ADSs purchased under the share purchase program is less than 6.5M, the shortfall will be issued by the company to the plan participants at the same price.