Core Viewpoint - The trend of companies from Qingdao going public in Hong Kong is gaining momentum, with multiple firms submitting applications for listing on the Hong Kong Stock Exchange (HKEX) in 2023 [1][4]. Group 1: Companies Going Public - Qingdao Guoen Technology Co., Ltd. submitted its listing application to the HKEX on June 26, marking it as the fifth company from Qingdao to pursue a Hong Kong listing this year [1]. - Other companies that have applied for listing include GoerTek, Wenda Technology, Saintong Special Medical, and Kute Intelligent, all of which have significant hard technology attributes and are leaders in their respective sectors [5][8]. Group 2: Market Preferences - The HKEX is favored due to its lower entry requirements and shorter review periods, with nearly 80% of new listings from Qingdao in the past two years being on the HKEX [4]. - The companies listed are primarily in emerging industries such as new generation information technology, artificial intelligence, and life sciences, indicating a strong market demand for hard technology firms [9]. Group 3: Globalization Strategy - A key reason for Qingdao companies seeking to list in Hong Kong is to advance their globalization strategies, allowing them to raise funds in Hong Kong dollars or US dollars for overseas projects [10]. - Companies like Guoen and Kute Intelligent aim to enhance their international presence and operational capabilities through dual listings in both A-shares and H-shares [11][13]. Group 4: Recent Developments - As of 2024, Qingdao has a total of 19 companies listed on the HKEX, raising a total of 11.586 billion yuan, covering various industries including home appliance manufacturing and artificial intelligence [14]. - Recent activities include a roadshow event in May 2023, where several Qingdao companies showcased their potential for future listings, indicating a robust pipeline of candidates for the HKEX [16].

保险中介机构手回集团三次向港交所递表后近日终于成功上市，引起市场对保险中介市场的关注。据中 国证券报记者梳理，截至目前，还有轻松健康集团、白鸽在线、青民数科、恒光控股等保险中介机构寻 求上市。 公开资料显示，手回集团是一家人身险中介服务提供商，致力于通过数字化人身险交易及服务平台，在 线为客户提供保险服务解决方案。该公司向与其合作的保险公司提供保险交易服务，收入主要来自保险 公司通过其向保险客户成功分销保险产品而支付的佣金。该公司主要通过小雨伞、咔嚓保、牛保100三 个分销渠道分销人身险产品。2022年至2024年，手回集团分别实现营业收入8.06亿元、16.34亿元、 13.87亿元，分别实现净利润1.31亿元、-3.56亿元、-1.36亿元。 值得注意的是，手回集团分别于2024年1月、2024年7月、2025年3月向港交所递交上市申请。其在第三 次递交上市申请后终于成功上市。 除了手回集团在港交所上市之外，另一家保险中介机构元保集团今年4月在纳斯达克证券交易所上市。 该公司是互联网保险科技平台企业，拥有全国性的保险经纪牌照和保险代理牌照。2025年一季度，元保 集团实现营业收入9.70亿元，同比增长43 ...

Core Viewpoint - The insurance intermediary industry is increasingly active in capital markets, with financing and mergers & acquisitions (M&A) becoming essential strategies for rapid expansion, resource optimization, and enhanced competitiveness [1][3]. Financing Strategy: Diversified Channels and Capital Value Restructuring - IPO financing is breaking through profitability bottlenecks and enhancing brand premiums, with companies like ZhiBao Technology raising $120 million and achieving an $800 million valuation after listing [4]. - Zhongmiao Tech raised HKD 350 million for AI risk control system development, with a 45% year-on-year growth in premium volume in 2023, but faces challenges from declining commission rates [4]. - Pan Asia Financial Holdings issued CNY 500 million in corporate bonds and secured a $300 million investment from Temasek to accelerate international expansion, increasing AI underwriting system coverage from 30% in 2023 to 65% in 2024 [4]. M&A Strategy: Horizontal Expansion and Vertical Integration - Horizontal M&A is used to expand market share, with Pan Asia acquiring regional insurance agencies, increasing its agency count from 120 to 180 and achieving a 22% year-on-year growth in premium volume [4]. - Youjia Insurance's acquisition of three regional insurtech companies raised its online insurance rate from 40% to 60% and improved customer retention by 15% [4]. - Vertical M&A, such as Xinhua Insurance's acquisition of health management companies, increased health insurance customer conversion rates from 12% to 25%, with new business value in bank insurance channels growing by 516% in 2024 [4]. - Cross-industry M&A, exemplified by JD Allianz's collaboration with JD Health, reduced health insurance claim processing time from 7 days to 24 hours, resulting in a 38% year-on-year increase in premium income [4]. Key Drivers of Strategic Choices - Policy incentives and regulatory requirements, such as the "M&A Six Guidelines" encouraging capital market support for M&A, are driving industry consolidation [4]. - Technology barriers and differentiated competition are critical, with leading firms investing 15%-20% of revenue in technology compared to 5% for smaller companies [4]. - Capital exit and long-term value balance are essential, with 60% of listed insurance intermediaries established before 2015, and sustainable growth relying on business model transformation [4]. Conclusion: From "Scale Expansion" to "Value Creation" - The industry is shifting focus from merely expanding scale to creating value through strategic financing and M&A activities [4].

Core Viewpoint - The Hong Kong stock market is becoming increasingly active, with a notable rise in IPOs compared to previous years. However, the recent IPO of the internet technology company, Shouhui Group, has faced significant challenges, including a drop in stock price shortly after listing, indicating potential issues with its business model and market reception [2][5]. Company Overview - Shouhui Group is a personal insurance intermediary service provider that utilizes an online platform to offer insurance solutions to policyholders and insurers. The company primarily generates revenue through three main business segments: Niubao 100, Xiaoyusan, and Kachabao, with over 60% of its revenue coming from Niubao 100 [5][9][10]. Market Position - In 2023, the total premium of China's personal insurance market reached RMB 3.8 trillion, with the personal insurance intermediary market totaling RMB 237 billion, accounting for 6.3% of the overall market. Shouhui Group ranked eighth in the domestic personal insurance intermediary market with a market share of 2.9% [6][7]. Financial Performance - Shouhui Group's revenue fluctuated significantly from 2021 to 2024, with reported revenues of RMB 1.548 billion, RMB 806 million, RMB 1.634 billion, and RMB 1.387 billion, respectively. The company experienced net losses in 2021 and 2023, while achieving profitability in 2022 [8][19]. Revenue Breakdown - The revenue contributions from the three business segments are as follows: Niubao 100 contributed 67.6% in 2023, Xiaoyusan contributed 19.5%, and Kachabao contributed 12.9%. Niubao 100 is primarily driven by external traffic from media and licensed brokers [15][14]. Cost Structure - The main costs for Shouhui Group include commissions paid to insurance agents and brokers, channel promotion expenses, and employee salaries. Commissions accounted for 55.8% of total costs in 2024 [20][21]. Marketing Strategy - The company has maintained a high marketing expenditure, with over 40% of sales and marketing costs allocated to advertising and promotions in the past three years. In 2024, the total channel expenses reached RMB 801 million, significantly overshadowing the RMB 51 million spent on research and development [23][21]. Market Challenges - The competitive landscape for Shouhui Group is intense, with competition from other intermediaries, banks, and insurance agencies. The reliance on online traffic for customer acquisition poses challenges, especially in a market that increasingly demands profitability over growth [7][25].

Group 1 - The core viewpoint of the article highlights the value enhancement driven by capital empowerment and governance upgrades in the insurance intermediary sector, particularly through the experiences of companies like Fanhua Holdings, Huize Insurance, and Waterdrop Inc [1][4][5] Group 2 - Fanhua Holdings reported a net profit attributable to shareholders of 170 million yuan in Q3 2023, a year-on-year increase of 382.6%, with total premium income exceeding 12.4 billion yuan, up 35% year-on-year [1] - The company raised over 1.5 billion yuan through targeted placements and convertible bonds, with 60% allocated to digital platform development and mergers [1] - Fanhua's market coverage increased by 87% through acquisitions, expanding its branches from 15 to 28 provinces [1] - Huize Insurance's listing on NASDAQ in 2020 achieved a price-to-sales ratio of 3.7, significantly higher than the traditional intermediary average of 1.2 [2] - The company has a long-term insurance renewal rate of 65%, which is 25 percentage points higher than the industry average, and customized products contributed 62% to its revenue [2] - Huize accumulated 6.3 million user data points, supporting the development of 1,967 customized products, with a total underwriting scale exceeding 8 billion yuan for its "Darwin" series critical illness insurance [2] - Waterdrop Inc's listing in 2021 included a market value driven by three premium factors: user traffic value, technology empowerment, and ecological synergy [3] - The insurance segment's revenue contribution decreased from 89% to 75%, while profit margins increased from 12% to 21% [3] - Waterdrop's net profit for 2024 is projected to be 368 million yuan, reflecting a year-on-year growth of 119.8% [3] Group 3 - The common patterns of value enhancement among the three companies include capital empowerment multiplier effects, brand premium gradient effects, and governance premium multiplier effects [4] - The average R&D investment intensity of listed institutions is 3.2 times that of non-listed institutions [4] - The article notes challenges faced by smaller listed companies, such as over-reliance on commission income, which led to a 294.26% drop in net profit for Huakai Insurance [4] - Strategies to address these challenges include transitioning to risk management services and developing second growth curves, as demonstrated by Fanhua and Waterdrop [4][5] Group 4 - The article concludes that the value enhancement for insurance intermediaries has evolved into a multi-dimensional project encompassing capital empowerment, technological drive, and ecological reconstruction [5] - Listed institutions can achieve valuation premiums of 3-5 times compared to non-listed institutions, primarily by converting capital advantages into technological and ecological barriers [5] - Future trends indicate that technology investment proportions will exceed 40%, and the contribution rate of "insurance + services" ecosystems will surpass 50% [5]

在全球经济深度融合的背景下，保险中介行业正迎来前所未有的国际化机遇。随着"一带一路"倡议的深 化、新兴市场的崛起以及数字化技术的革新，保险中介公司通过国际化融资策略拓展市场、优化资本结 构、提升竞争力已成为必然选择。以下从资本运作、科技赋能与全球布局三大维度，解析保险中介企业 的国际化融资路径。 一、资本结构优化：撬动全球化资源的核心杠杆 保险中介公司的国际化融资策略：资本、科技与全球化的协同路径 此外，跨国并购成为保险中介企业快速切入新市场的利器。德国安联通过并购美国PIMCO实现资管业 务突破，中国平安则通过收购欧洲富通集团业务拓展欧洲市场。此类资本运作不仅带来资金注入，更通 过资源整合实现技术、渠道与品牌的全球协同。 保险中介行业的国际化进程离不开资本的强力支撑。通过优化资本结构，企业可降低融资成本、增强抗 风险能力，并为跨境业务提供资金保障。例如，2024年部分行业巨头通过引入外资（如5亿美元级投 资）或发行债券（如5亿元公司债），不仅拓宽了融资渠道，还借助国际资本的流动性优势，反哺其海 外分支机构的运营。 二、科技输出与数字化转型：融资与服务的双重赋能 数字化是保险中介国际化融资的核心驱动力。通过人 ...

近期，保险中介公司迎来一波上市热。4月30日，互联网保险经纪平台元保保险经纪(北京)有限公司(以 下简称"元保")在美国纳斯达克证券交易所挂牌上市。一个月后，5月30日，小雨伞保险经纪母公司手回 集团有限公司(以下简称"手回集团")在香港交易所主板挂牌上市。 《金融时报》记者在采访中了解到，2024年以来，保险中介领域已有12家机构传出IPO相关消息，探究 此轮上市热的背后，一方面是迫于资本退出的压力；另一方面则是行业整体面临商业模式单一、盈利能 力不足等发展瓶颈，企业希望通过上市融资寻求突破。 中华联合保险集团研究所首席保险研究员邱剑表示，一方面是资本退出需求，企业因对赌协议的约束， 不得不加快IPO的进程；另一方面，当前保险中介的收入过于依赖销售佣金，盈利模式较为单一，希望 通过上市提升品牌和市场价值，进行市场战略布局，突破当前的盈利困境。 保险中介的新一轮上市潮，既是资本周期的必然结果，也是行业转型发展的要求。对于那些仍在等待上 市的保险中介公司而言，如何在复杂的市场环境和严格的监管要求下，提升自身实力，解决盈利问题， 顺利通过上市审核，依旧是巨大的挑战。而对于已经上市的公司而言，IPO不是终点。在这场 ...

上市首日，手回集团"破发"，5月30日开盘价为7.50港元/股，较发行价跌超7%。截至当日港股收盘，手 回集团股价报6.610港元/股，跌18.19%，市值15亿港元。 此后6月2日、3日两个交易日，手回集团股价继续下行。截至6月3日收盘，手回集团每股报5.71港元， 较招股价8.08港元已跌去近三成，总市值13亿港元。 制图：陈欣（即梦AI） 历经三次递表、两次折戟后，深圳手回科技集团有限公司(手回集团，02621.HK)于近日通过港交所主板 上市聆讯，为其长达18个月的IPO征程扫清关键障碍。 5月30日，手回集团在港交所上市。根据手回集团此前披露，此次IPO，手回集团发行2435.84万股新 股，发售价为8.08港元/股，位于发售价区间6.48港元至8.08港元的上限，募资总额为1.97亿港元。 根据招股书，这一波动与行业政策调整密切相关。2023年下半年以来，"报行合一"政策逐渐全面推行， 要求保险公司佣金支出与备案数据一致，直接导致手回集团长期寿险平均首年佣金率从2022年的34.6% 降至2024年的21.5%。与此同时，长期寿险产品需求萎缩，其收入占比从2022年的50%跌至2024年的 33. ...

今天的文章，我删删改改了很多遍，一直在犹豫要不要写出来。 但这事太重要了，每个人都可能会遇到，还是决定写出来想和大家分享，希望大家看 完后 能都重视起来，引起警戒。 几天前，好友打来语音，说家里出了 事，想找我借点钱。 他说，不是不得已，自己是张不开这口的。主要是家里的老母亲突发心肌梗塞，砸了十几 万，人才好不容易从ICU中抢救回来。医生说，想保证今后的生命质量，还得做心脏搭桥才 行，至少要再付出几十万。 在我的印象里，他的 条件还可以，前几年买了房，按理说不至于到找别人开口借钱的地 步，这次主动开口，说明是真的遇到难处了。 后来才知道， 他在的公司年初解散了整个团队 ，没有进账不说，每个月还得还一大笔房贷、 养一大家子人。 如果做开颅手术，康复的几率也很小， 一百万花下去也不排除人财两空的结果。 朋友巨大的压力，我非常理解。 作为多年老友，我很想去帮助他，但心里又很纠结。 借钱吧，知道治病是个无底洞，还上这笔钱遥遥无期，自己手头也没那么宽裕。不借吧，心 里又实在是过意不去， 今天四处求钱的是他，明天可能就是我。 最后拧巴了半天，还是转了些块钱过去，想让自己内心好受点。 说实话，到现在我都没缓过来。 这些年也 ...

继前两次递表失效后，深圳手回科技集团有限公司（简称"手回集团"）终于在今年5月15日通过港交所主板上 市聆讯，并于5月30日如愿登陆港交所。 据悉，手回集团每股定价8.08港元，共发行2435.84万股股份，每手400股。上市当日，股票开盘走跌，截至收 盘，股价报6.61港元/股，跌幅为18.19%。 此次发行，手回集团所得款项净额约1.34亿港元。根据招股书，募资金额的60%将被用于加强及优化公司的销 售及营销网络以及改善服务；约20%用于提升公司的研发能力及改善公司的技术基础设施；约10%将用于甄选 合并、收购及战略投资；10%将用作营运资金及一般企业用途。 三度闯关，终于成功。 券商中国记者注意到，今年开年以来，青民数科、轻松健康、白鸽在线等保险科技或中介平台均在港股或美股 市场递交了招股书，目前已有7家待上市的保险科技及中介机构。 责编：罗晓霞 排版：刘珺宇 校对：李凌锋 手回集团成立于2015年，是一家保险中介服务提供商，主要依托"小雨伞""咔嚓保""牛保100"三大在线平台， 形成保险产品的直接分销、代理人分销以及业务合作伙伴分销的渠道矩阵。 其中，"小雨伞"作为直接分销平台，为用户提供产品搜索、 ...