历经三次递表、两次折戟后，深圳手回科技集团有限公司（手回集团，02621.HK）于近日通过港交所主板上市聆讯，为其长达18个月的IPO征程扫清关键障 碍。 根据公告，手回集团计划在全球发售0.24亿股股份，其中0.22亿股股份为国际发售股份，香港公开发售股份243.6万股，发行区间为5.84至8.08港元，本次IPO 募资规模至多为1.968亿港元，预计将于5月30日开始在香港联交所主板交易。 营收占比上，招股书显示，来自B端渠道的"牛保100"在2024年贡献了8.65亿元收入，占手回集团保险交易服务总收入的62.8%，知名度最高的"小雨伞"带来 的直销收入仅为2.93亿元，占比只有21.3%，来自"咔嚓保"渠道的收入为2.2亿元，占比为15.9%。 从集团整体的财务情况来看，手回集团近年的表现出较大的波动。 招股书显示，2022年至2024年，公司营收分别为8.06亿元、16.34亿元、13.87亿元，2023年同比激增102.7%，但2024年又骤降15.1%。净利润更是不容乐观： 2022年短暂盈利1.31亿元后，2023年与2024年分别亏损3.56亿元、1.36亿元，两年累计亏损达4.92亿元。 ...

Group 1 - Shouhui Group has officially launched its IPO, offering approximately 24.36 million shares at a price range of HKD 6.48 to HKD 8.08 per share, with a listing date expected on May 30 [1] - The funds raised from the IPO will be used for optimizing the sales network, R&D investment, and acquisitions, which will enhance the company's market competitiveness and business scale [1] Group 2 - Heng Rui Pharmaceutical's shares surged by 32.24% in the dark market, closing at HKD 58.25 after an initial offering price of HKD 44.05, indicating strong market confidence in its future [2] - The company reported a revenue of 27.985 billion yuan for 2024, a year-on-year increase of 22.63%, and a net profit of 6.337 billion yuan, up 47.28% from the previous year [2] Group 3 - Wei Hong Group Holdings expects a net loss of approximately 48.5 million Macanese Patacas for the fiscal year 2024, compared to a net loss of about 27.8 million Macanese Patacas in 2023, attributed to a decline in revenue [3] - The group's revenue for the reporting year is expected to be around 9.7 million Macanese Patacas, down from approximately 105.8 million Macanese Patacas in the previous year [3] Group 4 - Longqi Technology plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its capital strength and international brand image, supporting its global business development [4] - The issuance will be subject to approval from the shareholders' meeting and relevant government and regulatory bodies [4] Group 5 - The Hang Seng Index closed at 23,544.31, down 1.19%, while the Hang Seng Tech Index fell by 1.70% to 5,251.75 [5] - The Yuqi Index also decreased by 1.19%, closing at 8,557.64 [5]

5月22日，手回集团（02621，HK）启动招股，计划全球发售2435.84万股，其中2192.24万股股份为国际 发售股份，243.6万股股份（可予重新分配）为港股市场公开发售股份。 5月22日，手回集团开启招股，公开招股结束时间是5月27日，并计划于2025年5月30日正式以"2621"为 股票代码在港交所主板挂牌上市。 手回集团计划在本次IPO中发行2435.84万股。以每股5.84港元至8.08港元的发行区间计算，本次IPO募资 规模至多为1.968亿港元。 按照发行价区间平均数7.28港元计算，公司的上市市值约为16.48亿港元（约15.17亿元人民币），相比C 轮融资有一定的提升，对应的PS（市销率）和PE（市盈率）倍数分别为1.09倍、6.27倍。 公开资料显示，手回集团成立于2015年，是一家人身险中介服务提供商，致力于通过数字化人身险交易 和服务平台，在线为保险客户提供保险服务解决方案。目前，手回集团的人身险数字化交易及服务解决 方案通过小雨伞、咔嚓保和牛保100三大平台赋能于不同销售场景中的保险交易及服务——在小雨伞进 行在线直接分销；在咔嚓保通过保险代理人进行分销；在牛保100在业务合作 ...

来源|贝多财经 5月22日，手回集团有限公司（下称"手回集团"，HK:02621）披露发售公告，于5月22日-5月27日招股， 拟全球发售2435.84万股，另有约15%超额配股权，预计将于2025年5月30日在港交所上市。 本次上市，手回集团拟定的发售价格区间为每股6.48港元至8.08港元。据此计算，手回集团的募资总额 约1.58亿港元至1.97亿港元。若按发行价中位数7.28港元计算，手回集团的募资总额约1.77亿港元。 按发行价中位数7.28港元计算，扣除发行费用后，手回集团的募资净额约1.16亿港元。若超额配售权获 悉数行使，预计募资净额约1.42亿港元。其中，约60%将在未来60个月用于加强、优化销售及营销网络 以及改善服务等。 值得一提的是，光耀也曾遭到监管部门公开处罚。2020年7月，原天津银保监局公布的信息显示，小雨 伞因于2019年6月至8月给予投保人保险合同约定以外的其他利益，被罚款12万元。同时，时任小雨伞总 经理光耀被给予警告，并罚款4万元。 事实上，这并非小雨伞唯一一次被罚。2022年6月，小雨伞因互联网保险信息披露不充分，被原天津银 保监局警告并处罚款人民币1万元。同时，相关责任 ...

Investment Rating - The report assigns a basic factor and valuation rating of ★★★☆☆ to the company [4] Core Insights - The company is the second-largest online insurance intermediary in mainland China, holding a market share of 2.9% in the overall life insurance intermediary market as of 2023 [2] - Online intermediaries dominate the life insurance intermediary market in mainland China, accounting for 89.1% of total premiums in 2023 [2] - The company collaborates with over 110 insurance companies, including more than 70% of life insurance companies in mainland China, generating revenue primarily from commissions based on the premiums of policies distributed through its platform [2][3] Financial Data Summary - Revenue for the fiscal year ending December 31: - 2022: 8.06 billion RMB - 2023: 16.34 billion RMB - 2024: 13.87 billion RMB - Shareholder profit (loss) for the same period: - 2022: 1.31 billion RMB - 2023: -3.56 billion RMB - 2024: -1.36 billion RMB [4]

Core Viewpoint - After three submissions for an IPO, Shouhui Group Limited, a personal insurance intermediary service provider, has successfully passed the listing hearing at the Hong Kong Stock Exchange, marking a significant step towards entering the capital market [1] Company Overview - Established in 2015, Shouhui Group has built a substantial business footprint in the digital personal insurance transaction and service sector over ten years, leveraging three major platforms: Xiaoyusan, Kachabao, and Niubao100 to create a diversified distribution channel matrix [2] Financial Performance - Shouhui Group's revenue experienced fluctuations, rising from 806 million RMB in 2022 to 1.634 billion RMB in 2023, before declining to 1.387 billion RMB in 2024. The net profit shifted from a profit of 131 million RMB in 2022 to consecutive losses in the following two years [6][8] - The company's revenue structure shows a heavy reliance on long-term life insurance, which accounted for 59.4% of total revenue in 2023, but dropped to 33.8% in 2024 due to a significant decrease in commission rates [8][9] Market Position - In 2023, Shouhui Group held a 7.3% market share in China's online insurance intermediary sector, ranking second in terms of total premium for long-term personal insurance [4] - The company faces intense competition, with the leading player holding a 45.5% market share, highlighting the challenges in customer acquisition and resource integration [6] Challenges - The company has faced multiple challenges, including increased customer acquisition costs due to market saturation and regulatory changes impacting commission structures, leading to a decline in overall revenue [10][12] - Sales and marketing expenses rose from 98 million RMB in 2022 to 136 million RMB in 2024, reflecting the competitive pressures in the industry [10][11] Growth Potential - Despite challenges, Shouhui Group has a solid customer base, with over 1.6 million policyholders and 2.4 million insured individuals by 2024. The company aims to enhance its competitive edge through product customization and brand development [12][14] - The online insurance intermediary market in China is expected to continue expanding, with a projected compound annual growth rate of 32.3% from 2024 to 2028, indicating significant growth opportunities for Shouhui Group [14][15]

公司2022年度、2023年度、2024年度截至12月31日止，净利润分别为1.31亿元、-3.56亿元、-1.36亿元， 同比变动幅度为164.09%、-372.13%、61.78%。 手回集团(02621.HK)发布公告，公司拟全球发售2435.84万股股份，其中香港发售股份243.60万股，国际 发售股份2192.24万股，另有365.36万股超额配股权。招股日期为5月22日至5月27日，最高发售价8.08港 元，每手买卖单位400股，入场费约3264.59港元。 全球发售预计募资总额为1.77亿港元，募资净额1.16亿港元，募资用途为用于加强及优化公司的销售及 营销网络以及改善公司的服务；用于提升公司的研发能力及改善公司的技术基础设施；用于甄选合併、 收购及战略投资，包括继续寻求可补充或提升公司现有业务及对公司未来36至60个月的长远目标具有战 略裨益的潜在业务；用作营运资金及一般企业用途。 公司是中国领先的线上人身险中介服务提供商，致力于通过以保险客户为中心的数字化人身险交易及服 务平台，为保险客户提供定制保险服务解决方案。 公司引入海泰（香港）有限公司、韬越实业有限公司等基石投资者，将以发售价共认 ...