CNinsure Closes Sale Of Ordinary Shares To Employees - Quick Facts

(RTTNews) - Cninsure Inc (CISG), an insurance intermediary company in China, has completed its sale of ordinary shares to employees as announced on November 27, 2014 and December 12, 2014.

As a result of these, the firm issued and sold an aggregate of 150,000,000 ordinary shares, equivalent to 7,500,000 ADSs of the Company, to its employees for an aggregate purchase price of approximately $41.5 million. The shares purchased by the employees are subject to a 6-month lock-up.

Also, the company obtained approval from its board to grant loans to employees for the purchase of the new shares of the Company. The loans bear interest at a rate of 3% per year and are repayable upon the sale of the shares of the company, termination of employment or within two years, whichever comes first.