China-based insurance broker CNinsure Inc. said it is boosting a new share issue to employees.

The independent insurance intermediary company said it is expanding the issue from up to 100 million to 150 million ordinary shares. That number reflects 15 percent of the company’s current total outstanding share capital.

CNinsure is based in Guangzhou and its distribution network hits China’s most economically developed regions and affluent cities, the company said. It distributes property/casualty and life insurance products underwritten by both domestic and foreign insurance companies operating in China. As well, CNinsure also offers insurance-related services including claims adjusting.

CNinsure CEO Chunlin Wang said in a statement that excess demand led to a decision to increase the size of the new share issue.

“The strong demand shows a strong vote of confidence in the company, [and] we reaffirm our commitment to delivering long term sustainable growth for the benefit of all of our shareholders,” Wang said.

Source: CNinsure