HONG KONG, CHINA -- (Marketwired) -- 05/19/17 --China Chuanglian Education Group Limited ("the Company" or "China Chuanglian Education") (HKSE: 2371) is pleased to announce that, the Board proposes to change the name of the Company from "China Chuanglian Education Group Limited" to "China Chuanglian Education Financial Group Limited", pending the approval by shareholders at the EGM and the Registrar of Companies in the Cayman Islands.
China Chuanglian has participated to establish the first mutual life insurance agency, Xinmei Mutual Life Insurance Agency, in the PRC since December 2015, which has recently obtained all the relevant approvals for commencement of insurance business in the PRC.
Xinmei Mutual Life is the first mutual life insurance agency established in China. The initial working capital is RMB1 billion. The scope of business includes: ordinary type of insurance, such as life insurance and annuity insurance; health insurance; accidental injury insurance; the reinsurance business of the above mentioned businesses; insurance fund application businesses as permitted by national laws and regulations; other businesses as approved by the China Insurance Regulatory Commission.
Mr. Lu Xing, Chairman of the Group, said, "Mutual insurance gradually shows its unique strategic value through its characteristics of being capable of cover those insurance fields where commercial insurance and social insurance are not likely to cover. By jointly promoting the establishment of Xinmei Mutual Life Insurance Agency to form a strategic layout of the internet finance and mutual insurance fields in the PRC, the Company has attempted to leverage on the intensive penetration of its "Internet+" service model to provide mutual insurance products to the users. Not only it will further enhance the brand loyalty, it can also accelerate the Group's growth in its existing online vocational training and education service scale, which in turn improves the Group's business ecosystem and facilitates the diversification of its operating structure."
"We believe that the proposed change of company name will reflect the Group's overall business development more accurately. The new name of the Company will create a new corporate image and is in the best of the Company and the Shareholders as a whole."
In addition, the Group acquired an insurance brokerage company, Beijing Zhongjin Insurance Brokerage Limited, in the PRC in April 2017, business scope of which includes formulating insurance proposals for insured person and operating a reinsurance brokering business. The Group believes that it can coordinate with Xinmei Mutual Life Insurance Agency on potential business development.
About China Chuanglian Education
The Group is principally engaged in the online education business and internet advertisement industry in the PRC. The Group owns cross-media platform that facilitates online training, smart management of online education and exchange of education resources with the capacity of supporting large-scale online users and mobile users using online education simultaneously. Currently, the platform provides online education and training service to two types of users: 1) those who require on-the-job training and further education due to career development; 2) those who prepare for professional qualification examinations to obtain relative qualification certificates. By the end of December 2016, the Group is operating over 200 online education platforms cover provinces and cities across China and among different industries, with 4 million users and accumulated over 60 million service hours. The registered users of the mobile terminal learning platform, Rongxue App*, has exceeded 1 million. These are expected to have sustainable growth in the future.
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