GUANGZHOU - FANHUA Inc. (NASDAQ:FANH), a prominent financial services provider in China, disclosed the resignation of Mr. Stephen Markscheid from his role as an independent director, effective February 1, 2024. Markscheid's departure also includes stepping down from his positions on the audit, corporate governance and nominating, and compensation committees of the board.
Yinan Hu, co-chairman and CEO of FANHUA, expressed gratitude for Markscheid's 16 years of service, stating, "On behalf of the Board and the management, I would like to extend our sincere gratitude to Mr. Markscheid for his valuable contributions and support during the past 16 years, and wish him all the best in his future endeavors."
Founded in 1998, FANHUA offers family asset allocation services and support platforms for individual agents and sales organizations. FANHUA's network includes 673 sales service outlets and more than 91,000 agents across 31 provinces, serving over 12 million individual clients.
For the nine months ending September 30, 2023, the company reported facilitating RMB 12.4 billion in gross written premiums, net revenues of RMB 2.6 billion, net income attributable to shareholders of RMB 307.7 million, and total assets amounting to RMB 4.0 billion.
This news is based on a press release statement from FANHUA Inc.
InvestingPro Insights
In light of the recent board changes at FANHUA Inc., investors might be keen on understanding the company's current financial health and market position. According to InvestingPro data, FANHUA boasts a market capitalization of $330.21 million and trades at an attractive earnings multiple, with a P/E ratio of 6.68 and an adjusted P/E ratio for the last twelve months as of Q3 2023 at 9.1. This suggests a potential undervaluation relative to earnings, which is further underscored by a low price to book value of 1.11.
InvestingPro Tips indicate that management has been actively buying back shares, which could be a sign of confidence in the company's value. Additionally, the company's net income is expected to grow this year, and with liquid assets exceeding short-term obligations, FANHUA appears to be in a solid liquidity position. However, it's notable that the stock has experienced significant price drops over the last week, three months, and five years, indicating that it may be subject to high price volatility.
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