FANH - Fanhua receives non-binding going private proposal

Fanhua's (NASDAQ:FANH) Board of Directors has received a preliminary non-binding proposal letter dated December 16, 2021, from a consortium led by Mr. Yinan Hu, founder and a director of the Company. Per the letter, Mr. Yinan Hu offered to acquire all of the company's outstanding ordinary shares not already owned by the Consortium for $9.8 per ADS, or $0.49 per share in a going-private transaction, subject to certain conditions. The price represents a premium of ~10.2% to the closing price of the Company's ADS on December 15, 2021. Mr. Hu owns about 18.6% of the Company’s outstanding ordinary shares. Shares of FANH are up over 3% premarket.

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Fanhua receives non-binding going private proposal