Core Viewpoint - The company, Shouhui Group, is launching an IPO with plans to issue 24.3584 million shares, aiming to raise up to HKD 196.8 million, and is set to list on May 30, 2025 [2][4]. Company Overview - Shouhui Group, established in 2015, is a life insurance intermediary service provider that offers digital insurance transaction and service solutions through platforms like Xiaoyusan, Kachabao, and Niubao100 [3]. - The company has distributed over 1,900 products, including more than 280 customized products and over 1,600 existing products from insurance companies [3]. Financial Performance - Revenue figures for Shouhui Group from 2022 to 2024 are as follows: HKD 806 million, HKD 1.634 billion, and HKD 1.387 billion, with corresponding gross margins of 34.8%, 33.8%, and 38.1% [4]. - Adjusted net profits for the same period are HKD 75 million, HKD 253 million, and HKD 242 million, with adjusted net profit margins of 9.3%, 15.5%, and 17.4% [4]. IPO Details - The IPO process began in 2014, with the company finally receiving approval for listing on May 15, 2025 [2]. - The IPO will include 21.9224 million shares for international offering and 2.436 million shares for public offering in Hong Kong [1][2]. - The expected market capitalization at the average issue price of HKD 7.28 is approximately HKD 1.648 billion (around RMB 1.517 billion) [2]. Industry Context - The insurance technology and intermediary sector is seeing increased interest in IPOs, with several companies, including Shouhui Group, actively seeking to go public [5]. - The market for life insurance in China was valued at RMB 3.8 trillion in 2023, with digital platforms accounting for approximately 14.6% of total premiums [6]. - Despite the enthusiasm for IPOs, the market has shown mixed reactions to newly listed insurance technology companies, with some experiencing significant declines post-IPO [6][7].