CHINESE BROKER PLANS TO GO PUBLIC IN US

Chinese insurance broker and independent agency CNinsure has announced plans to offer American Depositary Shares on the Nasdaq exchange in the US. CNinsure indicated in a preliminary prospectus filed with the US regulator that it could raise up to $184m, but gave no further details. CNinsure said that the figure provided was estimated only to calculate the registration fee and was subject to change. CNinsure is looking to make acquisitions and to enter new geographies, possibly through joint ventures, the company said. It also plans to use the capital raised to upgrade its IT infrastructure, expand its call centres and establish online sales systems.