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手回IPO，天崩开局
Sou Hu Cai Jing·2025-05-30 16:07

Company Overview - The company, Shouhui (2621.HK), is an online insurance intermediary platform that provides insurance service solutions to policyholders and insurers. It does not bear any underwriting risks as the insurance products it distributes are underwritten by insurance companies [3][4]. - In 2023, Shouhui ranked as the second-largest online insurance intermediary in China by total premium for long-term life insurance, holding a market share of 7.3%, significantly lower than the market leader's 45.5% [3]. IPO Performance - Shouhui's IPO on May 30 opened at 8.08 HKD but quickly fell over 18% on its first day, closing at 6.61 HKD, marking a significant drop from its issue price [1][2]. - The company experienced a low opening price of 7.5 HKD, which was also the highest price for the day, indicating weak market performance [1][2]. Financial Performance - Revenue projections for Shouhui show growth from 810 million CNY in 2022 to 1.39 billion CNY in 2024, while net profit is expected to decline from a profit of 131 million CNY in 2022 to losses of 356 million CNY and 136 million CNY in 2023 and 2024, respectively [3][4]. - Adjusted net profits are projected to increase from 75 million CNY in 2022 to 253 million CNY in 2023, before slightly declining to 242 million CNY in 2024 [4]. Market Position and Valuation - The company completed multiple rounds of financing before its IPO, raising over 142 million CNY, with significant investors including Sequoia Capital and Gao Fei Asset [4][5]. - Based on the IPO price of 8 HKD, Shouhui's market capitalization was approximately 1.8 billion HKD (or 1.7 billion CNY), reflecting a 40% increase compared to its last financing valuation [5]. Shareholder Structure - Major shareholders include Little Blue Light Ltd (29.68%), Gao Fei Asset Management (14.06%), and Beijing Yucheng Management Consulting (13.05%) [6][7]. - Early investors, such as Xin Tian Venture Capital, acquired a 13% stake for 4.3764 million CNY during the angel and A rounds, when the company's valuation was under 100 million CNY [6].