GUANGZHOU, July 7 /PRNewswire-Asia-FirstCall/ -- CNinsure Inc. (Nasdaq: CISG), (the "Company" or "CNinsure"), a leading independent insurance intermediary company operating in China, today announced it intends to offer, subject to market and other conditions, approximately 4,600,000 American depositary shares ("ADSs"), each representing 20 ordinary shares of the Company. In addition, a selling shareholder will be offering 700,000 ADSs, subject to market and other conditions. CNinsure intends to grant the underwriters an option to purchase up to 795,000 additional ADSs.
CNinsure plans to use the net proceeds of the offering to establish four new profit centers.
The Company is conducting the offering pursuant to a registration statement on Form F-3 filed with the Securities and Exchange Commission on July 7, 2010. The offering is being made solely by means of a prospectus supplement and accompanying prospectus. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, securities and does not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Company's registration statement on Form F-3 and preliminary prospectus supplement are available from the SEC website at: http://www.sec.gov .
Morgan Stanley and BofA Merrill Lynch are acting as joint bookrunners for the offering. Copies of the preliminary prospectus supplement and the accompanying prospectus may be obtained from Morgan Stanley & Co. International plc, 180 Varick Street, 2nd Floor, New York, New York 10014, Attention: Prospectus Department, Phone: +1-866-718-1649, or by e-mail to [email protected], and BofA Merrill Lynch, Attention: Preliminary Prospectus Department, 4 World Financial Center, New York, NY 10080 or by e-mail to [email protected].
About CNinsure Inc.
CNinsure is a leading independent intermediary 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, and provides insurance claims adjusting as well as other insurance-related services.
Safe Harbor Statement
Certain statements in this press release including statements related to the offering and the expected use of proceeds are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct. Factors that could cause actual results to differ are described in the Company's filings with the Securities and Exchange Commission, including its annual report on Form 20-F.
SOURCE CNinsure Inc.
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