FANH - Fanhua Feels The Pinch As Economic Slowdown Dampens Consumer Spending
- Online insurance broker’s shares tumble after it reported a sharp drop in third-quarter profit amid jitters about China’s economic growth.
- Fanhua reported its net income fell by more than 50% in the third quarter, while revenue fell by 16%.
- The weak results come as China’s tough Covid-19 policy and a slumping property sector dampen demand for discretionary products like life insurance.
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Fanhua Feels The Pinch As Economic Slowdown Dampens Consumer Spending