M&A: FANHUA INC.

Form Type: SCHEDULE 13D

Filing Date: 2025-01-06

Corporate Action: Acquisition

Type: New

Accession Number: 000121390025001181

Comments: On November 27, 2024, CISG Holdings Ltd. agreed to transfer its equity interests related to their AI insurance platform to BGM Group Ltd. in a transaction valued at approximately $140,000,000, which resulted in AIX Inc. acquiring 69,995,661 Class A ordinary shares of BGM. This acquisition represents 72% of BGM's total ordinary shares outstanding and 3.4% of the voting power. The transaction was finalized on December 27, 2024. The agreement for this transaction was also incorporated by reference in a previous filing with the SEC. AIX, through its wholly-owned subsidiary CISG, now intends to review its investment in BGM continually and may engage in various communications regarding the operations and strategies of BGM. The document outlines stakes held by the Reporting Persons and confirms that there have been no criminal or civil proceedings against them related to securities laws in the past five years. The beneficial ownership percentage of 72% is based on a total of 97,222,141 ordinary shares outstanding as of December 27, 2024. The structure of the voting shares is specified, with Class A having one vote per share and Class B having one hundred votes. No current plans exist for further actions related to the ownership of these securities, except possible future reviews and adjustments of their investment positions.

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