Fanhua Inc. named CFO Peng Ge as director, effective Dec. 20.

Ge replaces Xiaojun Shang, an appointee of CDH Investments. Shang resigned immediately after CDH Investments completed the sale of its ordinary shares and American depository shares in Fanhua to certain management members of the company.

CDH Investments had been a shareholder of Fanhua through a private equity fund since 2005. The fund reached its maturity in early 2015.