FANH - Fanhua chairman withdraws proposal to take company private

• Fanhua ( NASDAQ: FANH ) Founder, Chairman, and CEO Yinan Hu has withdrawn his non-binding going-private proposal, effective immediately, because the risk of it being de-listed from U.S. exchanges declined, the financial services company said Friday.
• "In view of the recent announcement by the Public Company Accounting Oversight Board which substantially eases the delisting risk of China-based U.S.-listed companies and the preliminary successful results of the company’s strategic transformation, I believe that maintaining the company’s listing status in the U.S. is more in the long-term interest of the company," Hu said in his notification to the board.
• A group that included the CEO offered to acquire the company's outstanding ordinary shares that it didn't already own at $9.80 per ADS, or $0.49 per share.

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