Huize Acquires Leading Vietnam Insurtech Platform Global Care

Core Viewpoint - Huize Holding Limited has expanded its global presence by acquiring Global Care Consulting Joint Stock Company, a leading insurtech firm in Vietnam, marking the first step in the international expansion of its brand Poni Insurtech [1][2][4]. Group 1: Acquisition Details - The acquisition involves Huize acquiring a controlling stake in Global Care through the purchase of existing shares and subscription of new shares, with multiple closings planned [4]. - VinaCapital Ventures will receive newly issued class A common shares of Huize, representing approximately 1.7% of the issued share capital on a fully-diluted basis, with 50% subject to a one-year lock-up period [4]. Group 2: Market Opportunity - Vietnam is identified as a highly attractive emerging market for insurance, characterized by a young, digital-native demographic of 100 million people and strong macroeconomic growth [5]. - The ASEAN region, where Vietnam is located, presents significant market parallels to China, including rapidly growing economies and increasing demand for digital insurance solutions [2]. Group 3: Global Care Overview - Global Care, established in 2017, specializes in digital transformation solutions for the insurance industry, offering cloud-based API solutions and mobile apps that connect insurers with various distribution channels [3]. - In 2023, Global Care facilitated 13.5 million policies, with revenue more than quadrupling year-over-year and registered users exceeding 1.3 million [3]. Group 4: Strategic Vision - The acquisition is expected to generate significant synergies, enhancing Global Care's market share and accelerating new product development through Huize's technology and AI solutions [5]. - Both companies share a common mission and vision, aiming to create strategic value for partners and accelerate the digitalization of Vietnam's insurance industry [5].