Core Viewpoint - Handback Group Limited is planning to launch an IPO from May 22 to May 27, 2025, with a global offering of approximately 24.36 million shares at a price range of HKD 6.48 to HKD 8.08 per share, aiming to raise between HKD 158 million and HKD 197 million [1][3]. Group 1: IPO Details - The expected total fundraising amount is approximately HKD 158 million to HKD 197 million, with a net amount of about HKD 116 million after deducting issuance costs, based on a median issue price of HKD 7.28 [3]. - If the overallotment option is fully exercised, the estimated net fundraising amount could reach approximately HKD 142 million [3]. - About 60% of the raised funds will be allocated to enhancing and optimizing the sales and marketing network and improving services over the next 60 months [3]. Group 2: Company Background - Handback Group, officially known as Shenzhen Handback Technology Group Co., Ltd., was established in January 2015 and has a registered capital of RMB 4.887 million [3]. - The major shareholders include Guangyao, Tianjin Handback Investment Co., Ltd., and others, with Guangyao holding 29.68% through Little Blue Light Ltd [4]. Group 3: Financial Performance - The company's revenue for 2022, 2023, and 2024 is estimated to be approximately RMB 806 million, RMB 1.634 billion, and RMB 1.387 billion, respectively, with net profits of RMB 131 million, -RMB 356 million, and -RMB 136 million [6][8]. - The adjusted net profit for the same years is approximately RMB 75 million, RMB 253 million, and RMB 242 million [8]. - The company experienced a significant revenue decline of approximately 47.9% in 2022 compared to 2021, primarily due to a decrease in income from insurance transaction services [9]. Group 4: Revenue Breakdown - Revenue from insurance transaction services decreased from approximately RMB 15.45 billion in 2021 to RMB 8.02 billion in 2022, a drop of 48.1% [9]. - For 2024, the revenue from insurance transaction services is projected to decline by 15.13%, primarily due to a reduction in long-term life insurance income [9]. - The income from the Niubao 100 platform is expected to decrease from RMB 11.01 billion in 2023 to RMB 8.65 billion in 2024 [9].

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 ...