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New option listings for June 9th include HOUS Stock (HOUS), META Stock (META), and Fanhua (FANH). Option delistings effective June 9th include Facebook (FB) and Realogy (RLGY).
New option listings for June 8th include BAD ETF (BAD), DJIA ETF (DJIA), Erasca Inc (ERAS), Codex DNA Inc (DNAY), Arteris Inc (AIP), CareMax Inc (Class A Stock) (CMAX), Deutsche X trackers MSCI All China Equity ETF (CN), Procept Biorobotics Corp (PRCT), Cytek Biosciences Inc (CTKB), CVRx Inc (CVRX), First Trust Developed Markets ex US AlphaDEX Fund (FDT), and TILL ETF (TILL). Option delistings effective June 8th include Fanhua (FANH).
The board of directors of Fanhua announced that Lichong Liu has been appointed as the vice president and chief operating officer, or COO, of the company to oversee corporate operations, and that Jun Li has been appointed as the vice president and chief digital officer, or CDO, of the company to accelerate the company's digital transformation, effective immediately. Lichong Liu joined Fanhua in 2006. Jun Li has worked with Fanhua since 2008.
The board of directors of Fanhua announced that with immediate effect, Mr. Yinan Hu, founder and a director of the Company, has been appointed by the Company's Board to be its chairman and chief executive officer, filling the vacancy left by the resignation of Mr. Chunlin Wang. Mr. Wang has informed the Board that his resignation is due to his personal reasons. As the founder of Fanhua, Mr. Yinan Hu is also the largest shareholder of the Company, currently beneficially owns approximately 18.6% of the Company's outstanding ordinary shares.
Fanhua announced that its Board of Directors has received a preliminary non-binding proposal letter dated December 16, 2021, from a consortium led by Mr. Yinan Hu, founder and a director of the Company, to acquire all of the outstanding ordinary shares of the Company not already owned by the Consortium for $9.8 per American Depositary Shares, or $0.49 per ordinary share in a going private transaction, subject to certain conditions. The price represents a premium of approximately 10.2% to the closing price of the Company's ADS on December 15, 2021. Mr. Hu currently beneficially owns approximately 18.6% of the Company's outstanding ordinary shares. According to the proposal letter, Mr. Yinan Hu will form an acquisition vehicle for the purpose of implementing the Proposed Transaction, which may admit other existing shareholders of the Company and equity investors as consortium members and the acquisition is intended to be financed by a combination of debt and/or equity capital from the Potential Consortium Members. The Board intends to form a special committee consisting of independent directors to consider the Proposed Transaction. The Board of Directors cautions the Company's shareholders and others considering trading in its securities that no decisions have been made with respect to the Company's response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required by applicable law.
Fanhua announced that as of November 23, the total regular life insurance business facilitated by Fanhua has exceeded RMB 10B in terms of gross written premiums, over a month earlier than last year.
Fanhua announced that it has partnered with Greatwall Life Insurance to launch "Huacheng Guardian Number One", a critical illness product custom-designed to meet people's evolving needs for comprehensive health protection. The product will be sold exclusively through Fanhua's online and offline channels starting from November 1, 2021. Huacheng Guardian Number One covers 168 kinds of minor, moderate and critical illnesses, terminal illnesses and provides death benefits. In addition, Huacheng Guardian Number One provides customers with "all-round" services throughout early, middle and late stages of diseases, including, among others, multidisciplinary consultation services for tumor treatment, green channels for hospital visits, doctor's consultation on phone, advance payment for hospitalization and in-hospital nursing. Chunlin Wang, chairman and chief executive officer of Fanhua, stated, "Huacheng Guardian Number One is the result of the joint efforts of Fanhua and Greatwall Life to develop tailor-made products in response to customers' needs. It is also aligned with our commitment to building Fanhua's own product ecosystem through product customization and making it part of our core competitive advantages. I believe this product will be well received by the market and contribute to business growth for both Fanhua and Greatwall Life."
Reports Q2 revenue $106.855M. "The resurgences of COVID-19 have brought far-reaching impact on China's economy and business activities nation-wide, directly or indirectly hurting consumer confidence and purchasing power of middle-class families. Many industries have been drastically impacted, and the insurance industry was certainly not immune." Commenting on the financial results of second quarter of 2021, Chunlin Wang, chairman and CEO, stated, "In the Q2, China's life insurance industry saw a decline of 16.6% year-over-year. Against the headwind, we still managed to record RMB2.5B in total life insurance GWP, up by 4.9% year-over-year, with operating income beating expectation to achieve RMB51.0M. For the first half of 2021, while the life insurance industry only grew by 0.4% year-over-year in GWP, our life insurance business grew by 16.9% year-over-year to RMB5.5B in terms of GWP and our operating income achieved RMB191.4M, meeting nearly two-thirds of our target for 2021.
