Fanhua expands share repurchase program by $20M to $40M

Fanhua announced that its board of directors has authorized the expansion of the company’s share repurchase program by an additional $20M, bringing the total authorized amount of share repurchase to $40M. “The share repurchase program was intended to enhance shareholder returns and signals the company’s confidence in its long-term growth prospects. As of June 30, 2024, approximately 726,616 American Depository Shares had been repurchased at an aggregate purchase price of approximately US$5.4 million since the inception of the share repurchase program in December 2022. Alongside the company’s expansion of the share repurchase program, several of Fanhua’s senior executives including Mr. Yinan Hu, founder and Chief Executive Officer, Mr. Peng Ge, Chief Financial Officer, and Mr. Ben Lin, Chief Strategy Officer, and Mr. Allen Lueth, independent director and chairman of the Audit Committee of the Board, have indicated that they will increase their personal shareholdings of Fanhua. Over the next 12 months, they intend to purchase up to US$5 million worth of shares of Fanhua,” the company stated.