Fanhua announces $20M share buyback program

Fanhua announced that its board of directors has approved a corporate share repurchase program under which the Company may repurchase up to $20M of its American depositary shares from time to time, in such manners as management deems appropriate. The repurchased shares will be used to fund the Company’s future acquisitions in relations to the expansion of its open platform. Yinan Hu, Chairman and CEO of Fanhua, said: "As our platform-based development strategy takes effect as expected, the management has set a target of restarting rapid growth in 2023. Considering that the Company’s shares are significantly undervalued, we believe a share back program through which we can use the repurchased shares to pay for future acquisitions will be an effective way to maximize share value for our shareholders."