华凯保险拟被终止挂牌 保险中介“出走”新三板背后：有的转行，有的退出

Core Viewpoint - Huakai Insurance has received a decision from the National Equities Exchange and Quotations to terminate its stock listing, with trading resuming on December 8, 2025, and delisting on December 22, 2025, highlighting the challenges faced by insurance intermediaries in the New Third Board market [1][3]. Company Performance - Huakai Insurance was listed on the New Third Board on November 19, 2015, and experienced rapid growth, achieving total revenue of 94.27 million yuan in 2015, a year-on-year increase of 87.71% [2]. - The company continued to grow, with revenues of 148 million yuan in 2016 (up 57.36%) and 362 million yuan in 2017 (up 143.99%) [2]. - A turning point occurred in 2017 when major shareholder Hangzhou Huameng Investment began to reduce its stake, leading to governance issues and financial mismanagement [3]. Industry Trends - The number of insurance intermediaries listed on the New Third Board has decreased from over 30 at its peak to fewer than 10, indicating a significant trend of delisting among these companies [1][4]. - The primary motivations for listing included financing needs, brand enhancement, and governance improvement, but many firms faced challenges in meeting their financing expectations due to low liquidity and high compliance costs [4][5]. Challenges Faced - The imbalance between actual benefits from listing and the high costs of compliance has led many intermediaries to choose delisting as a strategy to refocus on core business operations [5]. - Poor performance and increased pressure from regulatory changes have further exacerbated the challenges for smaller insurance intermediaries [7]. Strategic Directions - Some insurance intermediaries are exploring diversification into new sectors, such as materials manufacturing, to enhance their business resilience [6]. - The industry is encouraged to shift towards high-quality development through digital transformation, specialized services, and a customer-centric approach [7][8]. - Emphasizing differentiation, technology empowerment, and compliance is essential for survival in the current market environment [8].