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BRIEF-Fanhua says received notice from PICC P&C
March 3, 2017 / 5:52 PM / 9 months ago

BRIEF-Fanhua says received notice from PICC P&C

March 3 (Reuters) - Fanhua Inc

* Fanhua received notice from PICC P&C

* git notice from PICC property and casualty company limited, or picc p&c, that it had temporarily suspended business cooperation with Fanhua

* at this stage, company is unable to predict when and whether business cooperation with PICC P&C might resume

* believes that it will be able to achieve its profit target for 2017

* plans to engage in ongoing dialogue with picc p&c and urges it to resume their mutual business cooperation relationship as early as possible

* co believes it has established and maintained its strategic partnership with PICC P&C on an arms-length basis

* Assuming business relationship with PICC P&C will not be able to resume in 2017, may cause revenue to decrease in 2017 versus 2016

* “minimize impact of this disruption of business relationship with PICC P&C by searching for new strategic partners”

* If business relationship with picc p&c does not resume in 2017, its impact on net profits will be limited at around rmb3 million to rmb5 million in 2017 Source text for Eikon: Further company coverage:

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