GUANGZHOU, China, June 18, 2015 (GLOBE NEWSWIRE) -- CNinsure Inc. (Nasdaq:CISG) (the "Company" or "CNinsure"), a leading independent online-to-offline financial services provider operating in China, today announced that it entered into a cooperation agreement with Beijing United Electronics Co., Ltd., (SZ:002642) ("UEC") , a leading information technology solution and service provider in China, and its subsidiary Beijing CarSmart Technology Co., Ltd. ("CarSmart") on June 17, 2015.
Pursuant to the agreement, CNinsure will offer CarSmart's on-board diagnostic devices to its customers through CNinsure's offline sales and service force, and CarSmart will provide CNinsure's auto insurance price comparison and transaction-enabling services through CarSmart's car care mobile application. The three parties also agree to collaborate in developing and promoting usage-based insurance products. In addition, eHuzhu, an online mutual aid platform operated by CNinsure, will partner with CarSmart to provide a non-profit transportation-focused mutual aid platform to car owners.
Mr. Chunlin Wang, chief executive officer of CNinsure, commented, "This cooperation is a major move in our plan to acquire high quality traffic and extend the influence of our insurance comparison website by pursuing horizontal alliances. It also enables each party to leverage on each other's strengths and share data to tap into a broader customer base and bring value to our customers."
About UEC
UEC (SZ:002642) is a leading IT solutions and service provider in China with 22 branch offices in Mainland China and Hong Kong. Since its inception in 2001, UEC has been focusing on offering innovative IT solutions to businesses based on cloud computing and big data technologies. UEC's business consists of cloud computing and business IT solutions, big data and the Internet of things, bioinformatics and autonomous controlled substitutional engineering. It was listed on Shenzhen Stock Exchange in 2011.
About CarSmart
Founded in 2007 and headquartered in Beijing, CarSmart is a majority-owned subsidiary of UEC and a leading company in the car networking industry in China. It has three pillar businesses including car networking, the network of things and BeiDou Navigation Satellite System.
About CNinsure Inc.
CNinsure Inc. is a leading independent online-to-offline financial service provider. Through our online platforms and offline sales and service network, we offer a wide variety of financial products and services to individuals and businesses, including property and casualty and life insurance products. We also provide insurance claims adjusting services, such as damage assessments, surveys, authentications and loss estimations, as well as value-added services, such as emergency vehicle roadside assistance.
Our online platforms include (1) Baoxian.com, an online entry portal for comparing and purchasing health, accident, travel and homeowner insurance products; (2) CNpad, a mobile sales support application; (3) Chetong.net, a public service platform for the insurance industry and (4) eHuzhu (www.ehuzhu.com), the first non-profit online mutual aid platform in China. Our extensive distribution and service network covers 27 provinces in China, including most economically developed regions and cities.
Forward-looking Statements
This press release contains statements of a forward-looking nature. These statements, including the statements relating to the Company's future financial and operating results, are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "believes," "anticipates," "intends," "estimates" and similar statements. Among other things, management's quotations and the Business Outlook section contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about CNinsure and the industry. Potential risks and uncertainties include, but are not limited to, those relating to CNinsure's limited operating history, especially its limited experience in selling life insurance products, its ability to attract and retain productive agents, especially entrepreneurial agents, its ability to maintain existing and develop new business relationships with insurance companies, its ability to execute its growth strategy, its ability to adapt to the evolving regulatory environment in the Chinese insurance industry, its ability to compete effectively against its competitors, quarterly variations in its operating results caused by factors beyond its control and macroeconomic conditions in China and their potential impact on the sales of insurance products. All information provided in this press release is as of the date hereof, and CNinsure undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although CNinsure believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by CNinsure is included in CNinsure's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F.
For more information about CNinsure Inc., please visit http://ir.cninsure.net/.