Shaanxi J&R Fire Fighting Co., Ltd. (SZSE:300116) entered into a share purchase agreement to acquire 5.5% stake in CNinsure Inc. (NasdaqGS:CISG) from Kingsford Resources Limited for $37.4 million in cash on July 1, 2015. Under the terms, Kingsford Resources will acquire 3.16 million American Depositary Shares for $11.8 per American Depositary Share. Upon closing, Shaanxi J&R Fire Fighting Co., Ltd. will hold 5.5% stake in CNinsure Inc. The deal is subject to satisfaction of certain closing conditions and expected to close within 60 days.

Shaanxi J&R Fire Fighting Co., Ltd. (SZSE:300116) cancelled the acquisition of 5.5% stake in CNinsure Inc. (NasdaqGS:CISG) from Kingsford Resources Limited on July 1, 2016.