中国保险中介市场正处于快速发展阶段。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息，手回集团有限公司（以下简称"手回集团"）今日开启招股、至5月27日结束， 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 24,358,400股股份 。其中，香港公开发售 2,436,000股股份 ， 国际发售 21,922,400股股份 。 以每股5.84港元至8.08港元的发行区间计算，手回集团本次IPO募 资规模至多为1.968亿港元。 在本次 IPO发行中，手回集团共引入两位基石投资者，累计认购约4955万港元——其中，天津海泰 集团 认购 500万美元 （ 约合 3874万港元） ，鹿驰资本认购 1000万元人民币（ 约合 1081万 港元 ） 。 此外， 基于多年来的互联网平台搭建、保险交易和风险评估协助经验，手回集团建立了一个赋能保 险产品供给、交易及服务的业务流程，通过保险交易与服务平台将保险公司、代理人、业务合作伙 伴、投保人和被保险人连接起来 ——一方面，手回集团运用科技理解投 ...

Core Viewpoint - After three submissions for an IPO, Shouhui Group Limited, a personal insurance intermediary service provider, has successfully passed the listing hearing at the Hong Kong Stock Exchange, marking a significant step towards entering the capital market [1] Company Overview - Established in 2015, Shouhui Group has built a substantial business footprint in the digital personal insurance transaction and service sector over ten years, leveraging three major platforms: Xiaoyusan, Kachabao, and Niubao100 to create a diversified distribution channel matrix [2] Financial Performance - Shouhui Group's revenue experienced fluctuations, rising from 806 million RMB in 2022 to 1.634 billion RMB in 2023, before declining to 1.387 billion RMB in 2024. The net profit shifted from a profit of 131 million RMB in 2022 to consecutive losses in the following two years [6][8] - The company's revenue structure shows a heavy reliance on long-term life insurance, which accounted for 59.4% of total revenue in 2023, but dropped to 33.8% in 2024 due to a significant decrease in commission rates [8][9] Market Position - In 2023, Shouhui Group held a 7.3% market share in China's online insurance intermediary sector, ranking second in terms of total premium for long-term personal insurance [4] - The company faces intense competition, with the leading player holding a 45.5% market share, highlighting the challenges in customer acquisition and resource integration [6] Challenges - The company has faced multiple challenges, including increased customer acquisition costs due to market saturation and regulatory changes impacting commission structures, leading to a decline in overall revenue [10][12] - Sales and marketing expenses rose from 98 million RMB in 2022 to 136 million RMB in 2024, reflecting the competitive pressures in the industry [10][11] Growth Potential - Despite challenges, Shouhui Group has a solid customer base, with over 1.6 million policyholders and 2.4 million insured individuals by 2024. The company aims to enhance its competitive edge through product customization and brand development [12][14] - The online insurance intermediary market in China is expected to continue expanding, with a projected compound annual growth rate of 32.3% from 2024 to 2028, indicating significant growth opportunities for Shouhui Group [14][15]

公司2022年度、2023年度、2024年度截至12月31日止，净利润分别为1.31亿元、-3.56亿元、-1.36亿元， 同比变动幅度为164.09%、-372.13%、61.78%。 手回集团(02621.HK)发布公告，公司拟全球发售2435.84万股股份，其中香港发售股份243.60万股，国际 发售股份2192.24万股，另有365.36万股超额配股权。招股日期为5月22日至5月27日，最高发售价8.08港 元，每手买卖单位400股，入场费约3264.59港元。 全球发售预计募资总额为1.77亿港元，募资净额1.16亿港元，募资用途为用于加强及优化公司的销售及 营销网络以及改善公司的服务；用于提升公司的研发能力及改善公司的技术基础设施；用于甄选合併、 收购及战略投资，包括继续寻求可补充或提升公司现有业务及对公司未来36至60个月的长远目标具有战 略裨益的潜在业务；用作营运资金及一般企业用途。 公司是中国领先的线上人身险中介服务提供商，致力于通过以保险客户为中心的数字化人身险交易及服 务平台，为保险客户提供定制保险服务解决方案。 公司引入海泰（香港）有限公司、韬越实业有限公司等基石投资者，将以发售价共认 ...

集团已与各基石投资者(即海泰(香港)有限公司("海泰香港")及韬越实业有限公司("韬越实业"))订立基石 投资协议。基石投资者已同意(在若干条件规限下)按发售价认购或促使其指定实体认购以总金额约4956 万港元可购买的若干数目的发售股份。假设发售价为7.28港元(即本招股章程所载指示性发售价范围的 中位数)，基石投资者将予认购的发售股份总数将为673.84万股发售股份。 假设超额配股权未获行使且发售价为每股股份7.28港元(即发售价范围的中位数)，集团估计集团将自全 球发售收取的所得款项净额约为1.164亿港元。集团拟将全球发售所得款项净额用作以下用途：约60% 预期将在未来60个月用于加强及优化集团的销售及营销网络以及改善集团的服务；约20%预期将在未来 60个月用于提升集团的研发能力及改善集团的技术基础设施；约10%预期将用于甄选合并、收购及战略 投资，包括继续寻求可补充或提升集团现有业务及对集团未来36至60个月的长远目标具有战略裨益的潜 在业务；以及所得款项净额约10%预期将在未来60个月用作营运资金及一般企业用途。 格隆汇5月22日丨手回集团(02621.HK)发布公告，公司拟全球发售2435.84 ...

Core Viewpoint - The insurance technology intermediary sector is experiencing a surge in overseas listings, driven by capital demands and the need to address profitability challenges [2][7][11]. Group 1: Listing Trends - The parent company of "Little Umbrella," Hand Return Group, has recently passed the main board listing hearing on the Hong Kong Stock Exchange, marking its third attempt to list [2][3]. - Since 2023, several domestic insurance intermediaries have submitted listing applications to US or Hong Kong markets, with successful cases including Cheche Technology and Youjia Insurance [2][5]. - Despite the surge, some companies like Yuanxin Technology have delayed their listing plans after passing the hearing, indicating mixed outcomes in the listing rush [2][5]. Group 2: Business Model and Financials - Hand Return Group operates as an online life insurance intermediary, utilizing three platforms: Little Umbrella for direct sales, Kachabao for agent sales, and Niubao 100 for partner-assisted sales [3][4]. - The company has distributed over 1,900 products since its inception, with customized products accounting for 52.5%, 59.0%, and 40.5% of first-year premiums from 2022 to 2024 [4]. - Financially, Hand Return Group reported revenues of 806 million, 1.634 billion, and 1.387 billion yuan from 2022 to 2024, with adjusted net profits of 75 million, 253 million, and 242 million yuan respectively [4]. Group 3: Market Dynamics and Challenges - The insurance technology intermediary sector has seen limited successful listings since 2007, with a notable increase in IPO activity starting in 2020 [5][6]. - Many companies are facing pressure to list due to capital exit demands and the need to diversify their revenue streams beyond commission-based models [7][8]. - The implementation of the "reporting and operation integration" policy has significantly impacted the revenue of intermediaries, with average commission rates dropping from 39.1% to 25.2% [8][9]. Group 4: Future Outlook - Despite current challenges, experts believe there is significant growth potential in the insurance technology sector, driven by unmet market needs and the ongoing digital transformation of the industry [10][13]. - The preference for overseas listings is attributed to lower entry barriers and greater interest from international investors in China's insurance market [11][12].

Group 1 - Shouhui Group is set to go public on the Hong Kong Stock Exchange, having passed the listing hearing, with Huatai International and CICC as joint sponsors [1] - This marks Shouhui Group's third attempt to list on the Hong Kong Stock Exchange, with previous applications lapsing after six months [1] - The company has raised funds through five rounds of financing from various investors, including Sequoia and StarReach Tech Limited [1] Group 2 - The net proceeds from the IPO will be primarily used to enhance sales and marketing networks, improve services, boost R&D capabilities, and for general corporate purposes [1] - Shouhui Group operates three major platforms: Xiaoyusan Insurance Brokerage, Kachabao, and Niubao100, focusing on providing insurance solutions online [1] Group 3 - According to Frost & Sullivan, Shouhui Group is the second-largest online insurance intermediary in China, holding a 7.3% market share in long-term life insurance premiums for 2023 [1] - The company has seen fluctuations in revenue and net profit from 2022 to 2024, with revenues of 806 million, 1.634 billion, and 1.387 billion yuan, and corresponding net profits of 131 million, -356 million, and -136 million yuan [2] Group 4 - The recent trend of insurance technology intermediaries going public includes several companies, with Yuanbao listing on NASDAQ and others like Zhongsiao Chuangke becoming the first domestic insurance intermediary to list on the Hong Kong Stock Exchange [3] - The demand for capital exit is a key factor driving these companies to seek public listings, as investors look for reasonable exit channels [3] Group 5 - The combination of technology and insurance is seen as a crucial innovation path, with advancements in AI and big data making insurance intermediaries' "tech stories" more appealing to investors [4] - It is anticipated that more insurance intermediaries will choose to go public, supported by the current market environment and trends in insurance technology [4]

小雨伞保险经纪有限公司（简称"小雨伞"）母公司深圳手回科技集团有限公司（简称"手回集团"）日前 已通过港交所聆讯并于5月15日披露通过聆讯后的资料集。 手回集团在招股书中表示，IPO募集所得资金净额将主要用于加强并优化销售和营销网络以及改善服 务；提升研发能力并改进技术基础设施；选定兼并、收购和战略；以及用作营运资金及一般公司用途。 手回科技成立于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，不承担承保风险，与传统保险中介机构的不同在于利用互联网平台 对销售渠道进行时空延伸。 目前，手回科技的商业版图由三个数字化平台构成：面向C端用户的直营平台"小雨伞"，赋能保险代理 人进行分销的"咔嚓保"，以及连接B端合作伙伴进行分销的"牛保100"。 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，手回集团是中国第二大线上保险中 介服务机构，占据7.3%的市场份额；按2023年的长期人身险的首年保费计算，手回集团同样是中国第 二大线上保险中介服务机构。 自成立以来，手回集团总共分销了超1900个产品，其中包括超280个定制产品和超1600 ...

据招股书，该公司是一家中国人身险中介服务提供商，致力于通过人身险交易及服务平台，在线为投保 人及被保险人提供保险服务解决方案。该公司分销的保险产品(包括与保险公司共同开发的保险产品)由 保险公司承保，不承担任何承保风险。大部分客户为中国保险公司。供应商主要包括保险代理人、推广 服务提供商及持牌经纪及代理公司。 根据弗若斯特沙利文的资料，于2023年，按总保费计，中国的人身险市场规模为人民币3.8万亿元。该 公司主要与保险中介机构和保险公司内部销售人员竞争。此外，亦与其他市场参与者(包括银行保险渠 道及保险兼业代理机构)竞争。于2023年，中国人身险中介市场的总保费达至人民币2,370亿元，占中国 人身险市场总保费的6.3%。于2023年，以中国人身险中介市场的总保费计，该公司排名第八，市场份额 为2.9%。在线中介在中国人身险中介市场中占据主导地位，并于2023年占中国人身险中介市场总保费的 89.1%。以2023年的长期人身险的总保费计，该公司是中国第二大在线保险中介机构，占据7.3%的市场 份额，仅次于市场上的一家主要参与者，份额为45.5%。以2023年的长期人身险的首年保费计，该公司 是中国第二大在线 ...

一位接近保通的人士对经济观察报记者表示，除江西省分公司 外，保通还计划关停云南、内蒙古等地的分公司。 作者：姜鑫 封图：图虫创意 2025年5月18日，是保通保险代理有限公司（下称"保通"）成立12周年的司庆日，但是今年的司 庆并不平静。 近日，保通江西省分公司的代理人收到了一条分公司关停的消息。 5月10日，代理人向经济观察报记者展示的消息显示，经公司研究决定，保通将于2025年5月30日 关停江西省分公司的所有业务。6月15日后，公司会统一办理执业登记注销，合同终止后，代理人 有30天提现权益。 一位接近保通的人士对经济观察报记者表示，除江西省分公司外，保通还计划关停云南、内蒙古等 地的分公司。 保通隶属于上海豹云网络信息服务有限公司（下称"豹云网络"），后者是一家服务于保险行业的综 合性集团。近期，有媒体报道称，同样隶属于豹云网络的爱云保技术有限公司（下称"i云保"）正在 谋求打包出售。去年7月，i云保曾计划赴美上市。 上述代理人还表示，江西分公司业绩达成率一直比较低，但直接关停还是有些意外。由于大部分代理 人依托i云保平台进行线上销售，机构关停不影响其销售，但在销售非互联网产品时，面临着合规问 题。 ...

Core Insights - Yuanbao (YB) experienced a significant stock price increase of 51.6%, reaching $22.74 per share with a total market capitalization of $1.025 billion as of April 30 [1] - The company reported total revenue of 1.529 billion RMB for the fiscal year ending June 30, 2024, representing a year-on-year growth of 58.68%, while net profit attributable to shareholders surged by 320.98% to 329 million RMB [1] Company Overview - Yuanbao Limited is a Cayman Islands-registered holding company primarily operating through its domestic subsidiary, Yuanbao Insurance Brokerage (Beijing) Co., Ltd., which provides online insurance distribution and services in China [1] - The company launched its internet insurance intermediary platform in 2020 and has since accumulated millions of paying users, covering over 90% of domestic regions [1] - Yuanbao completed nearly 1 billion RMB in Series C financing by May 2021, led by Source Code Capital, with participation from several other venture capital firms [1] Business Model and Strategy - Yuanbao leverages cutting-edge technologies such as the internet, big data, and AI to enhance its insurance offerings and services, aiming to improve the risk resilience of Chinese households [2] - The company has established deep partnerships with multiple insurance providers to cover various dimensions of health and accident risks, focusing on delivering top-tier insurance planning services tailored to customer needs [2]