Core Viewpoint - The Hong Kong stock market is becoming increasingly active, with a notable rise in IPOs compared to previous years. However, the recent IPO of the internet technology company, Shouhui Group, has faced significant challenges, including a drop in stock price shortly after listing, indicating potential issues with its business model and market reception [2][5]. Company Overview - Shouhui Group is a personal insurance intermediary service provider that utilizes an online platform to offer insurance solutions to policyholders and insurers. The company primarily generates revenue through three main business segments: Niubao 100, Xiaoyusan, and Kachabao, with over 60% of its revenue coming from Niubao 100 [5][9][10]. Market Position - In 2023, the total premium of China's personal insurance market reached RMB 3.8 trillion, with the personal insurance intermediary market totaling RMB 237 billion, accounting for 6.3% of the overall market. Shouhui Group ranked eighth in the domestic personal insurance intermediary market with a market share of 2.9% [6][7]. Financial Performance - Shouhui Group's revenue fluctuated significantly from 2021 to 2024, with reported revenues of RMB 1.548 billion, RMB 806 million, RMB 1.634 billion, and RMB 1.387 billion, respectively. The company experienced net losses in 2021 and 2023, while achieving profitability in 2022 [8][19]. Revenue Breakdown - The revenue contributions from the three business segments are as follows: Niubao 100 contributed 67.6% in 2023, Xiaoyusan contributed 19.5%, and Kachabao contributed 12.9%. Niubao 100 is primarily driven by external traffic from media and licensed brokers [15][14]. Cost Structure - The main costs for Shouhui Group include commissions paid to insurance agents and brokers, channel promotion expenses, and employee salaries. Commissions accounted for 55.8% of total costs in 2024 [20][21]. Marketing Strategy - The company has maintained a high marketing expenditure, with over 40% of sales and marketing costs allocated to advertising and promotions in the past three years. In 2024, the total channel expenses reached RMB 801 million, significantly overshadowing the RMB 51 million spent on research and development [23][21]. Market Challenges - The competitive landscape for Shouhui Group is intense, with competition from other intermediaries, banks, and insurance agencies. The reliance on online traffic for customer acquisition poses challenges, especially in a market that increasingly demands profitability over growth [7][25].

Group 1: Fund Industry Developments - Multiple public funds are actively purchasing newly issued floating-rate funds, indicating strong market interest and support from fund companies [1] - The new floating-rate funds are designed to anchor performance benchmarks, incentivizing fund managers to enhance investment capabilities and research systems [1] - As of June 3, 440 A-share listed companies have announced share buybacks, with 78 companies initiating new buyback plans in May alone [1] Group 2: Wealth Management and Financial Services - The wealth management industry is experiencing a "fee reduction wave," with some products offering management fees as low as 0.01% per year, translating to just 1 yuan for a 10,000 yuan investment [2] - Major banks are adjusting their car loan commission structures, reducing high rebate rates to enhance service quality and market competitiveness [2] Group 3: Pharmaceutical and Biotechnology - Bayer's prostate cancer drug Nubeqa has received FDA approval based on positive results from a Phase 3 trial, showing a 46% reduction in the risk of disease progression or death [3] Group 4: IPO and Market Activity - There has been a significant increase in foreign capital participation in Hong Kong IPOs, with 15 out of 27 companies this year attracting foreign cornerstone investors, compared to only 3 last year [5] - Shenzhen Handback Technology Group's IPO faced challenges, with its stock price dropping nearly 30% from the initial offering price shortly after listing [6][7] Group 5: Corporate Financing and Strategic Moves - China Ping An plans to issue zero-coupon convertible bonds totaling 11.765 billion HKD to support its business development and capital needs [10] - United Optoelectronics intends to acquire 100% of Changyi Optoelectronics through a share issuance, with the final transaction details pending [8] Group 6: Market Performance - The US stock market saw all three major indices rise, with the Dow Jones increasing by 0.51% and Nvidia leading the gains in the tech sector [11]

Group 1 - The core point of the article is that Shenzhen Shouhui Technology Group Co., Ltd. has successfully passed the listing hearing on the Hong Kong Stock Exchange after multiple attempts, but faces significant challenges ahead, including financial losses and market competition [2][9]. - The company issued 24.36 million new shares at a price of HKD 8.08 per share, raising a total of HKD 197 million, but the stock price fell significantly on its debut, closing at HKD 6.61, a drop of 18.19% [2][3]. - The company has experienced substantial financial volatility, with revenues of HKD 8.06 billion in 2022, HKD 16.34 billion in 2023 (a 102.7% increase), and a drop to HKD 13.87 billion in 2024 (a 15.1% decrease) [5][6]. Group 2 - The company has accumulated losses of HKD 4.92 billion over the years 2023 and 2024, with net losses of HKD 3.56 billion in 2023 and HKD 1.36 billion in 2024 [5][6]. - The revenue structure is heavily reliant on insurance transaction commissions, with over 99% of income derived from this source, indicating a vulnerability in its business model [6][7]. - Approximately 60% of the funds raised from the IPO are intended for optimizing the sales network and research and development, highlighting the company's focus on improving operational efficiency [7][8]. Group 3 - The company has faced internal governance issues, including a notable incident in 2020 involving a power struggle among founders, which raises concerns about management stability [8][9]. - The company operates under significant pressure from investor agreements that could lead to substantial financial liabilities if it fails to meet certain milestones [7][8]. - The competitive landscape is challenging, with major players like Ant Group and Tencent exerting pressure on smaller platforms, necessitating strategic adaptations for future growth [9].

每经记者｜黄婉银 每经编辑｜马子卿 5月30日，小雨伞保险母公司手回集团（02621.HK）正式在港交所挂牌上市。 据悉，手回集团每股定价8.08港元，共发行2435.84万股股份，每手400股。上市首日一开盘，手回集团股价就开始走跌。截至当日收盘，公司股价报6.61港 元/股，跌幅为18.19%。 手回集团成立于2015年，是一家人身险中介服务提供商，在线为保险客户提供保险服务解决方案，收入一方面主要来自保险公司通过手回集团向投保人及被 保险人成功分销保险产品而支付的佣金，另一方面就是保险技术服务，不过该板块近三年占总营收的比例均不到1%。 在上市仪式现场，《每日经济新闻》记者看到，手回集团创始人兼CEO（首席执行官）光耀一人负责上台敲锣并致辞。 光耀在致辞时表示，手回集团经过十年的发展，形成了覆盖用户全生命周期的保险产品，如"大黄蜂"少儿重疾险、"超级玛丽"成人重疾险、"养多多"养老保 险等。下一个十年，团队将继续坚持"明白买、放心赔"的理念，让包括上游保险公司、下游合作伙伴和经纪人在内的整个保险生态实现共赢，共同耕耘全球 市场。 公开发售阶段，手回集团获990倍认购，经回补、重新分配后，公开发售的发售股 ...

Core Viewpoint - Hand Return Group officially listed on the Hong Kong Stock Exchange, marking the third company nurtured by the Futian Jin Ke Dual Park, showcasing the success of the digital finance industry in Futian District [1][2]. Group 1: Industry Development - Since 2019, Futian District has developed the Bay Area International Financial Technology City and the International Financial Technology Ecological Park, creating a 60,000 square meter industrial space and achieving a "dual park linkage" development model [2]. - In just five years, the district has successfully nurtured listed companies such as Wealth Trend (listed on the Sci-Tech Innovation Board, stock code: 688318), Lingxiong Technology (listed on the Hong Kong Stock Exchange, stock code: 2436.HK), and Hand Return Group (listed on the Hong Kong Stock Exchange, stock code: 2621.HK) [2]. - As of 2024, the total valuation of companies in the Futian Jin Ke Dual Park is close to 70 billion yuan, with listed companies valued at 34.403 billion yuan and unlisted companies at 29.943 billion yuan [2]. Group 2: Company Innovation - Hand Return Group is recognized as a benchmark enterprise in the Futian Jin Ke Dual Park, driving transformation in the insurance intermediary industry through technological innovation [5]. - The company has developed a technology empowerment system that covers the entire business process from customer acquisition to claims [5]. - AI technology is utilized to enhance business quality, reducing effective complaint rates to below 1% and shortening the dual recording time for insurance policies to 10-15 minutes with a pass rate of 99.6%, significantly improving customer experience [5]. Group 3: Support Services - The Futian Jin Ke Dual Park provides comprehensive "four connections" precision services to support enterprise growth, including market connection, capital connection, policy connection, and talent connection [6]. - The successful listing of Hand Return Group exemplifies the collaborative innovation between government, enterprises, and parks, highlighting the core capabilities in resource integration and ecological construction within the Futian Jin Ke Dual Park [6].

Group 1 - The core point of the article is that Shenzhen Shouhui Technology Group Co., Ltd. (Shouhui Group) successfully listed on the Hong Kong Stock Exchange after two previous failed attempts, marking a significant milestone for the company [1] - Shouhui Group's global offering consisted of 24.3584 million shares, with 12.1792 million shares allocated for both the Hong Kong public offering and international offering, at a final price of HKD 8.08 per share [1] - The company was founded in 2015 and operates as a life insurance intermediary service provider, primarily generating revenue from commissions paid by insurance companies [1] Group 2 - According to Frost & Sullivan, Shouhui Group ranks eighth in the Chinese life insurance intermediary market with a market share of 2.9%, and it is the second-largest online insurance intermediary in China with a market share of 7.3% based on long-term life insurance premiums in 2023 [2] - Shouhui Group's revenue from 2021 to 2024 was reported as follows: CNY 1.548 billion, CNY 806 million, CNY 1.634 billion, and CNY 1.387 billion, respectively [3] - The company experienced a net loss of CNY 204 million in 2021, a profit of CNY 131 million in 2022, and losses of CNY 356 million and CNY 136 million in 2023 and 2024, respectively, while adjusted net profits were CNY 75 million, CNY 253 million, and CNY 242 million for the same years [3] Group 3 - Shouhui Group's business model consists of three digital platforms: the direct-to-consumer platform "Little Umbrella," the agent-enabled distribution platform "Kacha Insurance," and the B2B distribution platform "Niu Insurance 100" [3] - In 2024, the online direct distribution revenue from "Little Umbrella" was CNY 293 million, accounting for 21.3% of the total insurance transaction service revenue; "Kacha Insurance" generated CNY 220 million, representing 15.9%; and "Niu Insurance 100" contributed CNY 865 million, making up 62.8% of the total [3]

中国经济网北京5月30日讯 手回集团有限公司（简称"手回集团"，02621.HK）今日在港交所上市，开盘报7.5港元，跌 7.18%。截至今日收盘，手回集团报6.61港元，跌幅18.19%。 配发结果公告显示，手回集团发售股份数量24,358,400股，其中，香港公开发售的发售股份数量（经重新分配后调整） 12,179,200股，国际发售的发售股份数量（经重新分配后调整）12,179,200股。 | 發售股份及股本 | | | --- | --- | | 發售股份數量 | 24,358,400 | | 香港公開發售的發售股份數量(經重新分配後調整) | 12,179,200 | | 國際發售的發售股份數量(經重新分配後調整) | 12,179,200 | | 於上市時已發行的股份數量(於超額配股權 獲行使前) | 226,378,600 | 手回集团的联席保荐人、整体协调人、联席全球协调人、联席账簿管理人及联席牵头经办人是中金公司（601995）、华 泰国际，整体协调人、联席全球协调人、联席账簿管理人及联席牵头经办人是建银国际，联席全球协调人、联席账簿管 理人及联席牵头经办人是中信证券，联席账簿管理人及联席牵 ...

Market Overview - The Hang Seng Index closed down 1.2% at 23,289.77 points, with a total turnover of HKD 271.56 billion. The Hang Seng Tech Index fell 2.48% to 5,170.43 points. For the month, the Hang Seng Index rose 5.29% [1] - Current valuations of the Hang Seng Index are considered moderately low, while the Hang Seng Tech Index is at historical lows, indicating high investment value in the Hong Kong stock market [1] Blue Chip Performance - CSPC Pharmaceutical Group (01093) led blue-chip stocks, rising 6.3% to HKD 8.1, contributing 6.53 points to the Hang Seng Index. The company is in discussions for three potential licensing collaborations, with total payments potentially reaching USD 5 billion [2][4] - Other notable blue-chip movements include Li Auto-W (02015) up 3.79%, CK Infrastructure Holdings (01038) up 2.11%, while BYD Electronic (00285) and Tingyi (00322) saw declines of 6.03% and 5.01% respectively [2] Sector Movements - Large tech stocks generally declined, with Alibaba down 3.56% and Tencent down 2.41%. Apple-related stocks also faced significant drops, with Cowell e Holdings (01478) down 6.61% [3][5] - The automotive sector continued its downward trend, with Xpeng Motors-W (09868) down 5.04% and Great Wall Motors (02333) down 3.03%. Price competition in the automotive industry is expected to intensify [6] Pharmaceutical Sector - The pharmaceutical sector saw gains, with China Antibody-B (03681) up 21.31% and other biotech stocks also performing well. The upcoming ASCO conference is expected to boost interest in innovative drugs [3][4] Notable Stock Movements - Dekang Agriculture (02419) reached a new high, rising 14.15% due to leading industry cost advantages [7] - Sany International (00631) reported a revenue increase of 14.6% year-on-year, with a net profit increase of 23.2% [8] - New World Development (00017) saw a 3.9% increase, with contract sales reaching HKD 24.8 billion, exceeding 95% of its annual target [9] - Li Auto-W (02015) reported a revenue of RMB 25.93 billion for Q1 2025, a 1.1% year-on-year increase [10] - Hand Return Group (02621) experienced a significant drop of 18.19% on its first trading day [11]

智通财经5月30日电，利弗莫尔证券显示，手回集团香港上市首日低开超7%，报7.5港元，发行价为8.08 港元。 ...

Group 1 - The core viewpoint of the article is that Hand Return Group, a personal insurance intermediary service provider, has officially launched its IPO, planning to issue approximately 24.36 million shares at a price range of HKD 5.84 to HKD 8.08, with a listing date set for May 30 on the Hong Kong Stock Exchange [2] - The global offering consists of about 90% international placement (approximately 21.92 million shares) and 10% for public offering in Hong Kong (approximately 2.44 million shares), with cornerstone investors Tianjin Haitai Group and Luch Capital subscribing for a total of approximately HKD 49.55 million [2] - Based on the median issue price of HKD 7.28, the company's market capitalization post-listing is estimated to be around HKD 1.648 billion (approximately RMB 1.517 billion), with a price-to-sales (PS) ratio of 1.09 and a price-to-earnings (PE) ratio of 6.27 [2] Group 2 - According to the prospectus, Hand Return Group's revenue for 2022, 2023, and 2024 is projected to be RMB 806 million, RMB 1.634 billion, and RMB 1.387 billion, respectively, with adjusted net profits of RMB 75 million, RMB 253 million, and RMB 242 million, indicating a rising adjusted net profit margin reaching 17.4% by 2024 [3] - The company utilizes a digital platform to provide personal insurance transaction and service solutions, operating three major platforms: Xiao Yusan (online direct sales), Kachabao (agent distribution), and Niubao 100 (partner distribution), with over 1,900 insurance products distributed by the end of 2024 [3] - In 2023, the scale of personal insurance premiums in China reached RMB 500 billion, accounting for 14.6% of the total personal insurance market premiums, although the performance of insurance technology and intermediary platforms in the capital market has been mixed [3]