三度闯关，最终登陆港交所！这家保险中介上市首日跌18%

Core Viewpoint - Handback Technology Group successfully listed on the Hong Kong Stock Exchange after two previous failed attempts, raising approximately HKD 134 million through its IPO [2]. Company Overview - Handback Technology Group, established in 2015, is an insurance intermediary service provider that operates three online platforms: "Little Umbrella," "Kacha Insurance," and "Niu Bao 100," which facilitate direct distribution, agent distribution, and partner distribution of insurance products [2][3]. - The company aims to cover the entire lifecycle of insurance products, offering various plans such as children's critical illness insurance and adult critical illness insurance [4]. Financial Performance - The company reported revenues of RMB 1.548 billion, RMB 806 million, RMB 1.634 billion, and RMB 1.387 billion for the years 2021 to 2024, respectively [4]. - Net profit figures show a loss of RMB 204 million in 2021, a profit of RMB 131 million in 2022, and losses of RMB 356 million and RMB 136 million in 2023 and 2024, respectively [4]. - Adjusted net profits (non-HKFRS) were RMB 75 million, RMB 253 million, and RMB 242 million for 2022, 2023, and 2024, respectively [4]. Market Position - In 2023, the total premium of China's personal insurance intermediary market reached RMB 237 billion, with Handback Group ranking eighth and holding a market share of 2.9% [3]. - Handback Group is the second-largest online insurance intermediary in China, with a market share of 7.3% in the long-term personal insurance segment based on total premiums [3]. Industry Context - The implementation of the "reporting and operation integration" policy has compressed commission margins, significantly impacting insurance intermediaries [5]. - The tightening of regulations is forcing industry players to invest heavily in technology and compliance [5].