ChinaGrowth North Acquisition Corporation Shareholders Approve, and ChinaGrowth North Completes Acquisition of UIB Group Limited.

BEIJING -- ChinaGrowth North Acquisition Corporation ("CGNAC"; OTC Bulletin Board: CGNYF.OB) today announced that on January 27, 2009 CGNAC's shareholders approved its previously announced proposed acquisition of UIB Group Limited, a leading insurance brokerage service provider in China.

Shortly following the shareholder vote, the two companies completed the acquisition. In conjunction with the acquisition, ChinaGrowth North Acquisition Corporation changed its name to UIB Group Limited.

CGNAC expects that its shares, warrants and units will continue to trade under the symbols CGNYF.OB, CGNUF.OB and CGNQF.OB, respectively.

Speaking of the shareholder approval, Xiaoping Chen, Chairman of UIB said, "We are delighted to have completed this process and we look forward to working with the CGNAC team to increase shareholder value in the future. We continue to see a very strong market for our products despite the economic slowdown and believe that this combination creates a strong company."

Xuesong Song, Chairman of ChinaGrowth North Acquisition Corporation said, "We are very pleased to have been able to bring this acquisition to completion in what has been a very difficult market environment and we are excited to be a part of this growing company. We are also thankful to the many people who supported us in this effort."

Morgan Joseph & Co. Inc., served as the advisor to ChinaGrowth North Acquisition Corporation in connection with this acquisition.

ABOUT CHINAGROWTH NORTH ACQUISITION CORPORATION

ChinaGrowth North Acquisition Corporation is a Cayman Islands company that completed its initial public offering on January 29, 2007. CGNAC was formed for the purpose of acquiring, through a stock exchange, asset acquisition or other similar business combination, or control, through contractual arrangements, an operating business having its primary operations in the People's Republic of China in any city or province north of the Yangtze River.

ABOUT UIB GROUP LIMITED

UIB is a leading independent insurance brokerage company operating in China. UIB began its insurance brokerage business in 2003 by distributing insurance products in the education sector. During the period of 2003 through 2007, UIB has redesigned and distributed School Liability Insurance to over 117,000 educational institutions and Student Safety Insurance to over 20 million students. As of October 31, 2008, UIB has signed up to provide School Liability Insurance to approximately 233,000 educational institutions covering approximately 100 million students. The company estimated that approximately 24 million students would be its clients for Student Safety Insurance by the end of 2008. With 32 provincial and municipal branches and 41 sub-branches reaching more than 1,400 counties across China, UIB currently operates the most extensive insurance distribution network in the Chinese education sector. Furthermore, in 2003, UIB initiated professional risk management services for clients which helps UIB strengthen its relationship with clients. As the pioneer who established risk management standards in the Chinese education sector, UIB provides risk management services to 26 out of 32 provincial and municipal education administrative departments as of October 31, 2008.

Safe Harbor

This press release may contain certain forward-looking statements including statements with regard to the future performance of ChinaGrowth North Acquisition Corporation ("CGNAC"), now known as UIB Group Limited. Words such as "believes," "expects," "projects," and "future" or similar expressions are intended to identify forward-looking statements. These forward-looking statements inherently involve certain risks and uncertainties that are detailed in CGNAC's Annual Report on Form 20-F and Current Reports on Form 6-K and other filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.