这家保险中介要上市，背后有刘永好家族！

Core Viewpoint - Bai Ge Online (Xiamen) Digital Technology Co., Ltd. is seeking to list on the Hong Kong Stock Exchange after a previous application lapsed in February 2025, despite facing ongoing losses and reliance on major clients [1][2]. Company Overview - Established in 2015, Bai Ge Online is an insurtech company providing technology-enabled insurance intermediary services to partners and insurance companies, focusing on scenario-based insurance [5]. - The company ranks 11th in China's internet insurance intermediary market and 1st in the third-party scenario internet insurance intermediary market, with a market share of 3.4% [5]. Revenue Sources - Bai Ge Online's revenue primarily comes from insurance transaction services, precision marketing, digital solutions, and TPA (Third Party Administration) services, with insurance transaction services being the main source [5][6]. - The company collaborates with over 70 major insurance companies to design customized insurance products [5]. Financial Performance - Revenue figures for the years 2022 to 2025 show a growth trend: 405 million, 660 million, 914 million, and 467 million yuan respectively, with a year-on-year growth of 63.1% in 2023 and 38.5% in 2024 [8]. - Despite revenue growth, net losses have increased, with figures of 25.075 million, 17.18 million, 27.712 million, and 18.679 million yuan, indicating a growing profitability pressure [8]. Client Dependency - A significant portion of Bai Ge Online's revenue is derived from a small number of clients, with the top five clients contributing 55.3%, 69.0%, 77.2%, and 59.3% of total revenue during the reporting period [9]. Investment and Ownership - Since its inception, Bai Ge Online has completed five rounds of financing, raising nearly 145 million yuan, with notable investments from New Hope Holdings [11][12]. - As of August 25, 2025, the founder holds approximately 55.58% of the voting rights, while New Hope Holdings retains a 13.87% stake [12].