FANH - FANHUA Announces Supplementary Agreement to Strategic Framework Agreement with White Group and Board Changes | Benzinga
GUANGZHOU, China, Feb. 20, 2024 (GLOBE NEWSWIRE) -- FANHUA Inc. ("FANHUA" or the "Company") (NASDAQ:FANH), a leading independent financial services provider in China, today announces the signing of the first supplementary agreement with Singapore White Group Pte. Ltd. ("White Group") to the framework strategic agreement previously disclosed on February 2, 2024. Pursuant to the agreement, both parties agree to the following matters:
1. White Group will inject assets into FANHUA aimed at assisting FANHUA in driving its artificial intelligence ("AI") development and international expansion by setting new offices in Singapore, Vietnam, Europe, the United States and Hong Kong.
2. White Group and its partnerships will invest up to US$500 million in FANHUA.
3. The main objective of the parties is to explore investments in the following high-quality assets:
An Asia-based telehealth solution provider that had one of the largest number of patient consultations per day in the Asia-Pacific region in 2023, connecting approximately approximately 2000 reputable doctors, 600 clinics, and over one million users across the Asia-Pacific region, with over 100,000 monthly teleconsultations; and
An AI Humanoid hardware manufacturer with multiple development facilities throughout the world, including China, Japan, the United States and Europe. It has world-leading, medical-grade, AI Humanoid robots that can be applied in various fields such as medical research, home care, and elderly care.
Furthermore, with the approval of the board of directors of FANHUA (the "Board"), Mr. Peh Chin Hua has been appointed to serve as the Chairman of FANHUA with immediate effect. Meanwhile, Mr. Yinan Hu and Mr. Ben Lin have resigned as co-chairmen. Mr. Hu will assume the position of vice Chairman and Chief Executive Officer of FANHUA while Mr. Lin will continue to serve as a director and chief strategy officer of FANHUA.
Mr. Peh Chin Hua, born in 1947, is a Singaporean entrepreneur and former Member of Parliament for 13 years. With 29 years of active contributions to Singapore's social and political service, he received the National Day Public Service Medal. After retiring from politics in 2001, Mr. Peh earned an Executive MBA from NUS. He was formerly Managing Director of Shinglee Book Holdings, the founder and executive Chairman of Dragonland Group, a listed ...