Key Developments For CNinsure Inc.
CNinsure Inc. (CISG.O) (Nasdaq)
CNinsure Inc. Announces Strategic Partnership With China Pacific Property Insurance Co., Ltd.
CNinsure Inc. announced the signing of a strategic partnership agreement (Agreement) with China Pacific Property Insurance Co., Ltd. (China Pacific), a property and casualty (P&C) insurance company in China, on November 26, 2009. Pursuant to the agreement, CNinsure will work closely with China Pacific on product distribution, development of custom-designed insurance products which will be underwritten by China Pacific and exclusively distributed through CNinsure's distribution network, and the outsourcing of claims adjusting service.
CNinsure Inc. Issues Q4 2009 Revenue Guidance Below Analysts' Estimates; Issues FY 2009 Revenue Guidance In Line With Analysts' Estimates
CNinsure Inc. announced that it expects its total net revenues to grow by approximately 26% for the fourth quarter 2009 and approximately 36% for the fiscal 2009 compared to the corresponding period of 2008. The Company reported revenue of $41.25 million in the fourth quarter of 2008 and revenue of $123.69 million in fiscal 2008. According to Reuters Estimates, analysts were expecting the Company to report revenue of $56.55 million for the fourth quarter of 2009; revenue of $171.90 million for fiscal 2009.
CNinsure Inc. Acquires 20.58% Equity Interest In China Financial Services Group Limited
CNinsure Inc. announced that it has entered into agreements to acquire 20.58% equity interest in China Financial Services Group Limited (CFSG), one of the consumer credit brokerage companies based in Guangzhou, China, for a cash consideration of RMB85.5 million.
CNinsure Inc. Issues Q3 2009 Revenue Outlook Below Analysts' Estimates
CNinsure Inc. announced that for the third quarter of 2009, it expects approximately 35% growth in its total net revenues from the corresponding period of 2008. The Company reported revenue of $31 million for the third quarter of 2008. According to Reuters Estimates, analysts on an average were expecting the Company to report revenue of $45 million for the third quarter of 2009.
CNinsure Inc. Announces Acquisition Of Shenzhen Hongzhengda
CNinsure Inc. announced that it has signed definitive agreements to acquire 100% equity interest in Shenzhen Hongzhengda Insurance Surveyors & Loss Adjustors Co., Ltd. (Hongzhengda) through Fanhua Surveyors & Loss Adjustors Co., Ltd., formerly known as Shenzhen Khubon Insurance Surveyor & Loss Adjustors Co., Ltd, in which 51% equity interest was held by the Company. The transaction is expected to close by the end of June 2009. Terms of the transaction were not disclosed.
