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CNinsure (FANH US)

Year: 2010

Chinese insurance agent CNinsure listed on the NASDAQ in October 2007. In November 2010, a US-based research company specialising in US-listed Chinese companies, OLP Global (now defunct), began publishing a series of reports alleging that the company was overstating profits by failing to account for incentives provided to agents as costs. Following the allegations, CNinsure's financial performance began to deteriorate, similar to many other Chinese companies accused of fraud. However, its auditor Deloitte did not resign and so the allegations remain unproven. In 2016, CNinsure changed its name to Fanhua where it was attacked by a number of short-sellers in 2018 and 2019 alleging fraud. For a summary of those events, please follow the link.

Last updated December 2021

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