一周IPO动态，覆盖港股、美股、A股。 本文为IPO早知道原创 作者｜C叔 微信公众号｜ipozaozhidao 手回集团 港股｜挂牌上市 据IPO早知道消息，手回集团有限公司（以下简称"手回集团"） 计划于2025年5月30日正式 以"2621"为股票代码在港交所主板挂牌上市。 手回集团在本次IPO发行中总计发行24,358,400股股份。其中，香港公开发售获990.00倍认购，国 际发售亦获1.13倍认购。此外，手回集团在本次IPO发行中引入天津海泰集团和鹿驰资本两位基石投 资者，累计认购约4955万港元。以每股8.08港元的发行价计算，手回集团本次IPO募资总额为1.97 亿港元。 成立于2015年的手回集团作为一家中国人身险中介服务提供商，致力于通过人身险交易与服务平 台，在线为投保人和被保险人提供保险服务解决方案。 目前，手回集团旗下拥有小雨伞、咔嚓保和牛保100三大平台，从而赋能于不同销售场景中的保险交 易及服务——在小雨伞进行在线直接分销；在咔嚓保通过保险代理人进行分销；在牛保100在业务合 作伙伴的协助下进行分销。 根据弗若斯特沙利文的资料，按2023 年的长期人身险的总保费计算，手回集团是中 ...

Group 1 - Hand Return Group Limited officially listed on the Hong Kong Stock Exchange on May 30, 2023, becoming the third listed company nurtured by the Futian Financial Technology Dual Park [2][4] - Hand Return Group is a Chinese life insurance intermediary service provider, focusing on providing insurance service solutions through an online platform for policyholders and insured individuals [4] - The company drives transformation in the insurance intermediary industry through technological innovation, covering the entire business process from customer acquisition to claims [4] Group 2 - Since 2019, the Futian District has developed the Bay Area International Financial Technology City and the International Financial Technology Ecological Park, creating a development pattern that integrates both parks [5] - As of 2024, the total valuation of companies in the Futian Financial Technology Dual Park is close to 70 billion, with listed companies valued at 34.403 billion and unlisted companies at 29.943 billion [9] - The successful listing of Hand Return Group exemplifies the collaborative innovation among government, enterprises, and parks, showcasing the core capabilities of resource integration and ecological construction in the Futian Financial Technology Dual Park [9]

21世纪经济报道记者 周妙妙 深圳报道 三闯港交所的手回集团（2621.HK），终于等来了上市。 尽管成功上市让该公司从"对赌协议"的压力中挣脱，但保险中介"上市即破发"的难题却难逃脱。 该股发行价为8.08港元，共发行24358400股，募资总额达接近2亿港元。然而5月30日开盘后，该股股价 基本呈单边下滑态势，收盘报价6.61港元，跌幅达18.19%。 手回并非个例。今年4月30日在纳斯达克上市的元保发行价为15美元，上市之后股价虽也经历过短暂的 上涨，但近一个月股价频频"破发"。 更早前，慧择（HUIZ.US）上市首日股价跌幅达4.76%，当日收盘价为10美元，低于10.5美元的发行 价，截至2025年5月30日收盘，该股股价仅为2.07美元。 2021年5月7日上市的水滴公司（WDH.US）也出现了相似现象。首发当日，该股跌幅近20%。上市后股 价长期困守1美元退市警戒线。 对于收入的下滑，手回集团表示，"报行合一"政策实施叠加预定利率下调，公司长期寿险收入减少。 2023年，"报行合一"真正从书面文件走向刚性约束，率先在银保渠道开展。2024年4月，"报行合一"的 风吹向了中介渠道，销售佣金强制压减 ...

5月30日，手回（2621.HK）在港股挂牌交易，中金公司、华泰国际为联席保荐人，但老牌券商护航依旧让手回以7.5港元 低开，破发7.8%，该价格也是手回全天最高价。 | | 6.610 -1.470 -18.19% | 6.058(CNY) | | | | 手回集团 立即 2621 交易 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | HKEX HKD 16:08:25 | | | | | | 1 4 4 | | 委比 | 63.28% 委差 | | 1296 | 总量 | 2132.44万 换手 | | 9.42% | | 卖十 | 6.750 | 9600 I | 5) | 现手 | 974 量比 | | | | 卖九 | 6.740 | 400 | 1) | 外盘 | 395.33万 内盘 | | 1737.11万 | | 卖八 | 6.730 | - | - ) | 总额 | 1.54亿 振幅 | | 11.01% | | 卖七 | 6.720 | 4000 | 3) | 均价 | 7.230 开盘 | | 7.500 | | 卖六 ...

5月30日，知名在线保险中介机构手回集团正式登陆港股市场。 手回集团在本次招股中收获了极大的认购热情，公开发售方面获得了近千（990）倍的超高认购比例，而国际发售则仅有1.13倍。同时，在定价方面，最终定价是 价格范围（6.48港元至8.08港元）中的顶格定价8.08港元。 | 有效申請數目 | 53.647 | | --- | --- | | 受理申請數目 | 14,172 | | 認購水平 | 990.00倍 | | 觸發回補機制 | 是 | | 香港公開發售初步可供認購的發售股份數量 | 2,436,000 | | 自國際發售重新分配的發售股份數量(回補機制) | 9,743,200 | | 香港公開發售最終發售股份數量(經重新分配後) | 12,179,200 | | 香港公開發售的發售股份數量佔全球發售的最終數量百 | 50.0% | | 分比 | | | 承配人數量 | 130 | | --- | --- | | 認購水平 | 1.13倍 | | 國際發售初步可供認購的發售股份數量 | 21,922,400 | | 國際發售的最終發售股份數量 | 12,179,200 | | 國際發售的發售股份數 ...

据了解，手回集团成立于2015年，其定位是人身险中介服务提供商，核心业务为通过数字化平台促成保 险交易，收入主要来自保险公司支付的佣金。 根据弗若斯特沙利文的资料，手回集团在中国人身险中介市场排名第八，市场份额为2.9%。按2023年 长期人身险总保费计算，手回集团是中国第二大线上保险中介机构，市场份额为7.3%。按2023年长期 人身险的首年保费收入计算，手回集团亦为中国第二大线上保险中介机构。 5月30日，历经两次递表折戟后，小雨伞保险经纪有限公司（下称"小雨伞"）母公司深圳手回科技集团 有限公司（下称"手回集团"，证券代码：02621）正式登陆香港交易所主板市场。 手回集团表示，尽管 2024 年受行业政策收紧及宏观经济环境影响收入有所回落，但公司通过保险产品 的优势和优化内部运营流程等方式，实现了持续盈利。 据分配结果公告显示，手回集团全球发售项下发售2435.84万股，其中香港公开发售的发售股份数量(经 重新分配后调整)为1217.92万股，国际发售的发售股份数量(经重新分配后调整)为1217.92万股；最终发 售价为每股8.08港元。 本次是手回集团第三次闯关港交所。此前，手回集团于2024年1月 ...

Group 1 - The core viewpoint of the article is that Hand Return Group, a personal insurance intermediary service provider, has officially launched its IPO, planning to issue approximately 24.36 million shares at a price range of HKD 5.84 to HKD 8.08, with a listing date set for May 30 on the Hong Kong Stock Exchange [2] - The global offering consists of about 90% international placement (approximately 21.92 million shares) and 10% for public offering in Hong Kong (approximately 2.44 million shares), with cornerstone investors Tianjin Haitai Group and Luch Capital subscribing for a total of approximately HKD 49.55 million [2] - Based on the median issue price of HKD 7.28, the company's market capitalization post-listing is estimated to be around HKD 1.648 billion (approximately RMB 1.517 billion), with a price-to-sales (PS) ratio of 1.09 and a price-to-earnings (PE) ratio of 6.27 [2] Group 2 - According to the prospectus, Hand Return Group's revenue for 2022, 2023, and 2024 is projected to be RMB 806 million, RMB 1.634 billion, and RMB 1.387 billion, respectively, with adjusted net profits of RMB 75 million, RMB 253 million, and RMB 242 million, indicating a rising adjusted net profit margin reaching 17.4% by 2024 [3] - The company utilizes a digital platform to provide personal insurance transaction and service solutions, operating three major platforms: Xiao Yusan (online direct sales), Kachabao (agent distribution), and Niubao 100 (partner distribution), with over 1,900 insurance products distributed by the end of 2024 [3] - In 2023, the scale of personal insurance premiums in China reached RMB 500 billion, accounting for 14.6% of the total personal insurance market premiums, although the performance of insurance technology and intermediary platforms in the capital market has been mixed [3]

Regulatory Challenges - The insurance intermediary industry in China is undergoing a transformation from "scale expansion" to "quality improvement" due to the continuous enhancement of the financial regulatory system [1] - The introduction of the "Financial Institutions Compliance Management Measures" in 2024 imposes higher requirements on compliance management, information disclosure, and business model innovation for insurance intermediaries [1][3] - Listed insurance intermediaries face significant challenges in meeting capital market transparency demands while addressing regulatory actions aimed at eliminating industry irregularities [1] Compliance Management - The new compliance management measures require insurance intermediaries to have qualified compliance officers and independent audit committees, raising the bar for human resources and governance structures [3] - Failure to adjust to these requirements may lead to administrative penalties or business restrictions [3] Internet Business Regulation - The tightening of regulations on internet insurance necessitates the establishment of an integrated online and offline service system, requiring companies to invest more resources in optimizing service processes and ensuring data security [3] Information Disclosure - Listed companies must comply with regulatory requirements for timely disclosure of shareholder information, internet business operations, and mandatory insurance data, posing challenges for financial management and information transparency [3] Capital Structure and Financial Pressure - National insurance brokerage firms must maintain a minimum registered capital of 50 million yuan, while regional firms require at least 10 million yuan, necessitating compliance in capital structure during shareholder changes [3] Industry Trends - The demand for travel insurance and accident insurance is surging due to the recovery of the cultural tourism industry, presenting opportunities for companies to optimize risk pricing through data modeling [3] - The aging population is driving demand for long-term care and health insurance, prompting companies to develop "insurance + health management" services in collaboration with medical institutions [3] - Technology is enabling compliance and efficiency improvements, with AI and blockchain being utilized to optimize policy management and claims processes [3] Corporate Strategies - Companies should establish a long-term compliance mechanism and conduct regular internal audits to ensure adherence to regulatory requirements [2][3] - Emphasizing compliance and innovation as dual drivers will help companies navigate the capital market effectively [2] - Developing customized products for specific demographics, such as the elderly and high-net-worth individuals, can enhance competitive advantage [3] - Investing in smart risk control systems and utilizing big data for customer needs analysis can improve operational efficiency and customer satisfaction [3]

5月22日，手回集团（02621，HK）启动招股，计划全球发售2435.84万股，其中2192.24万股股份为国际 发售股份，243.6万股股份（可予重新分配）为港股市场公开发售股份。 5月22日，手回集团开启招股，公开招股结束时间是5月27日，并计划于2025年5月30日正式以"2621"为 股票代码在港交所主板挂牌上市。 手回集团计划在本次IPO中发行2435.84万股。以每股5.84港元至8.08港元的发行区间计算，本次IPO募资 规模至多为1.968亿港元。 按照发行价区间平均数7.28港元计算，公司的上市市值约为16.48亿港元（约15.17亿元人民币），相比C 轮融资有一定的提升，对应的PS（市销率）和PE（市盈率）倍数分别为1.09倍、6.27倍。 公开资料显示，手回集团成立于2015年，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 和服务平台，在线为保险客户提供保险服务解决方案。目前，手回集团的人身险数字化交易及服务解决 方案通过小雨伞、咔嚓保和牛保100三大平台赋能于不同销售场景中的保险交易及服务——在小雨伞进 行在线直接分销；在咔嚓保通过保险代理人进行分销；在牛保100在业务合作 ...

来源|贝多财经 5月22日，手回集团有限公司（下称"手回集团"，HK:02621）披露发售公告，于5月22日-5月27日招股， 拟全球发售2435.84万股，另有约15%超额配股权，预计将于2025年5月30日在港交所上市。 本次上市，手回集团拟定的发售价格区间为每股6.48港元至8.08港元。据此计算，手回集团的募资总额 约1.58亿港元至1.97亿港元。若按发行价中位数7.28港元计算，手回集团的募资总额约1.77亿港元。 按发行价中位数7.28港元计算，扣除发行费用后，手回集团的募资净额约1.16亿港元。若超额配售权获 悉数行使，预计募资净额约1.42亿港元。其中，约60%将在未来60个月用于加强、优化销售及营销网络 以及改善服务等。 值得一提的是，光耀也曾遭到监管部门公开处罚。2020年7月，原天津银保监局公布的信息显示，小雨 伞因于2019年6月至8月给予投保人保险合同约定以外的其他利益，被罚款12万元。同时，时任小雨伞总 经理光耀被给予警告，并罚款4万元。 事实上，这并非小雨伞唯一一次被罚。2022年6月，小雨伞因互联网保险信息披露不充分，被原天津银 保监局警告并处罚款人民币1万元。同时，相关责任 ...