TIAN RUIXIANG Holdings Ltd Enters into Memorandum of Understanding to Acquire Licensed Insurance Broker in Hong Kong
BEIJING, Jan. 08, 2024 (GLOBE NEWSWIRE) -- TIAN RUIXIANG Holdings Ltd (NASDAQ:TIRX) (the "Company"), a China-based insurance broker conducting business through its variable interest entity in China, today announced that TRX HongKong Investment Limited ("TRX HongKong"), a wholly-owned subsidiary of the Company, has entered into a Memorandum of Understanding (the "MoU") to acquire Peak Consulting Services Limited (the "Target"), a licensed insurance brokerage in Hong Kong. The proposed acquisition demonstrates the Company's strategic vision to expand into the Hong Kong insurance brokerage market.
Pursuant to the MoU, the proposed acquisition is conditional upon, among other things, that TRX HongKong completes a due diligence review of the Target and is satisfied with its findings.
Mr. Zhe Wang, Chairman and CEO of the Company commented: "We are excited about the proposed acquisition and the immense potential for the Company to expand into the Hong Kong insurance brokerage market, which can offer robust growth opportunities. This proposed acquisition aligns well with our long-term strategic vision of becoming a player in the global insurance brokerage industry."
About TIAN RUIXIANG Holdings Ltd
TIAN RUIXIANG Holdings Ltd, headquartered in Beijing, China, is an insurance broker operating in China through its China-based variable interest entity. It distributes a wide range of insurance products, which are categorized into two major groups: (1) property and casualty insurance, such as automobile insurance, commercial property insurance, liability insurance; and (2) other insurance, such as life insurance and health insurance. For more information, visit the company's website at http://ir.tianrx.com/.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review risk factors that may affect its future results in the Company's registration statement and in its other filings with the SEC.
For investor and media enquiries, please contact:
TIAN RUIXIANG Holdings Ltd
Investor Relations Department
Email: [email protected]
Wealth Financial Services LLC
Connie Kang
Partner
Email: [email protected]
Tel: +86 1381 185 7742 (CN)
