Fanhua Inc. (FANH) Announces Board and Management Changes

The board of directors (the “Board”) of Fanhua Inc. (Nasdaq: FANH) (the “Company” or “Fanhua”), a leading independent technology-driven financial services provider in China, today announces that Ms. Hang Suong Nguyen has been appointed as the new Chairperson of the Board, effective September 30, 2024..

Ms. Hang Suong Nguyen, Chairperson of the Board

Ms. Nguyen has over 10 years of investment management experience. Since October 2019, she has been serving as Deputy Director of International Investment Strategy at Voyager Labs Limited, a global leader in advanced AI-based survey solutions, enabling global organizations to gain in-depth investigative insights on entities, individuals, groups and topics. She also served as vice president of Doji group (formerly TTD Technology Development and Trading Company) from 2016 to 2019. Previously, Ms.Nguyen served as head of investment at VNG Corporation from 2013 to 2016. VNG Corporation is Vietnam's leading local digital AI ecosystem, providing diverse products and services through four key business units: gaming, communications and media, fintech and digital services. From 2010 to 2013, she served in management roles for the Empower Consulting Group. Ms. Nguyen obtained her bachelor’s degree in international business from Vietnam National University in 2008 and her MBA degree from Hanoi University of Science and Technology (“HUST”) in 2009.

The Board also announces that incumbent independent directors Mr. Yunxiang Tang and Mr. Allen Lueth, along with incumbent executive director Mr. Ben Lin, have tendered their resignations from the Board due to personal reasons, effective September 30, 2024. Additionally, Mr. Lin has resigned from the position of Chief Strategy Officer.

The Board has appointed Ms. Jiaxing Shi as Independent Director and the Chair of the Audit Committee and Mr. Changfu Li as Independent Director and the Chair of the Compensation Committee to fill the vacancies left by the departure of Mr. Tang and Mr. Lueth, effective September 30, 2024.

Ms. Jiaxing Shi, Independent Director and the Chair of Audit Committee

Ms. Jiaxing Shi has served as the Investment Operations Manager at YD Network Technology Co Ltd. since March 2024, overseeing the company’s investment strategy, and financial due diligence to optimize long-term returns. Prior to this role, she served as senior audit professionals at UHY LLP and Marcum LLP from 2022 to 2024. Prior to that, she served as senior manager position in financial reporting and investor relations role at Aurora Mobile Ltd. from 2018 to 2022. She received an MBA Degree in Financial Management from Goldey-Beacom College in 2018 and a Master Degree in Accounting from St. John’s University in 2015. She received Bachelor’s Degree in Inner Mongolia University of Finance and Economics in 2013.

Mr. Changfu Li, Independent Director and the Chair of Compensation Committee

Mr. Changfu Li has over a decade of experience in senior management, with a focus on strategic operations and cost management across various industries. Mr. Li has served as a consulting advisor at Beijing Shanying Legal Consulting Co., Ltd since November 2023. Prior to this, he served as a procurement supervisor at Shanghai Sanqing Industrial Development Co., Ltd. from June 2010 to March 2020, where he managed procurement operations and contributed to sales strategy planning. And later he was promoted to Vice President of Administration and Purchasing Manager at the company’s Guangzhou branch in March 2020. Before that, from 2006 to 2010, Mr. Li held the position of procurement associate at Zhejiang Shalangsi Craft Co., Ltd. Mr. Li earned his bachelor’s degree in International Economics and Trade from Yanbian University in 2006.

With the appointment and departure of these directors, the composition of the Board will be adjusted accordingly. Below is the updated list of board members:

Ms. Hang Suong Nguyen, Chairperson of Fanhua Inc.

Mr. Yinan Hu, Vice Chairperson and Chief Executive Officer of Fanhua Inc.

Mr. Peng Ge, Executive Director and Chief Financial Officer of Fanhua Inc.

Mr. Mengbo Yin, Independent Director and Chair of Nominating and Governance Committee of Fanhua Inc.

Ms. Jiaxing Shi, Independent Director and Chair of Audit Committee of Fanhua Inc.

Mr. Changfu Li, Independent Director and Chair of Compensation Committee of Fanhua Inc.

Mr. Yinan Hu, Vice Chairperson and Chief Executive Officer of Fanhua, commented: “We are thrilled to announce that Ms. Nguyen has been appointed as our new Chairperson, a decision that signifies a major milestone for the Company’s strategic upgrade towards pursuing growth by harnessing the power of artificial intelligence. At the same time, we deeply appreciate the significant contributions that Mr. Yunxiang Tang, Mr. Allen Lueth, and Mr. Ben Lin have made during their tenure. As we look ahead, our commitment to our strategic goals and growth remains unwavering. With Ms. Nguyen at the helm as Chairperson, we are poised to build upon our momentum and achieve even greater heights.”

Ms. Hang Suong Nguyen, Chairperson of Fanhua, stated: “It is my pleasure to join the Board and take on the role of Fanhua’s Chairperson. I understand the significant responsibility that comes with this position and I am confident in our Company’s future. And I look forward to working with all of Fanhua’s team members to meet challenges and achieve great success together.”

You May Also Be Interested In

• Virtus Investment Partners names Jack Boyce to its board
• GitLab releases version 19.3 with AI gateway and secrets tools
• LiveRamp shrinks board to six directors after resignation