Company Overview - The company, Shouhui (2621.HK), is an online insurance intermediary platform that provides insurance service solutions to policyholders and insurers. It does not bear any underwriting risks as the insurance products it distributes are underwritten by insurance companies [3][4]. - In 2023, Shouhui ranked as the second-largest online insurance intermediary in China by total premium for long-term life insurance, holding a market share of 7.3%, significantly lower than the market leader's 45.5% [3]. IPO Performance - Shouhui's IPO on May 30 opened at 8.08 HKD but quickly fell over 18% on its first day, closing at 6.61 HKD, marking a significant drop from its issue price [1][2]. - The company experienced a low opening price of 7.5 HKD, which was also the highest price for the day, indicating weak market performance [1][2]. Financial Performance - Revenue projections for Shouhui show growth from 810 million CNY in 2022 to 1.39 billion CNY in 2024, while net profit is expected to decline from a profit of 131 million CNY in 2022 to losses of 356 million CNY and 136 million CNY in 2023 and 2024, respectively [3][4]. - Adjusted net profits are projected to increase from 75 million CNY in 2022 to 253 million CNY in 2023, before slightly declining to 242 million CNY in 2024 [4]. Market Position and Valuation - The company completed multiple rounds of financing before its IPO, raising over 142 million CNY, with significant investors including Sequoia Capital and Gao Fei Asset [4][5]. - Based on the IPO price of 8 HKD, Shouhui's market capitalization was approximately 1.8 billion HKD (or 1.7 billion CNY), reflecting a 40% increase compared to its last financing valuation [5]. Shareholder Structure - Major shareholders include Little Blue Light Ltd (29.68%), Gao Fei Asset Management (14.06%), and Beijing Yucheng Management Consulting (13.05%) [6][7]. - Early investors, such as Xin Tian Venture Capital, acquired a 13% stake for 4.3764 million CNY during the angel and A rounds, when the company's valuation was under 100 million CNY [6].

Core Viewpoint - The article highlights the strong market interest in Shouhui Group's IPO, with a subscription rate of nearly 990 times for public offerings, indicating high investor demand [1][4]. Group 1: IPO Details - Shouhui Group's public offering received a subscription level of 990 times, while the international offering had a subscription level of 1.13 times [2][3]. - The final offering price was set at the upper limit of the range at 8.08 HKD, with the price range being 6.48 HKD to 8.08 HKD [3]. - The total number of shares available for public offering was 2,436,000, with a final allocation of 12,179,200 shares after redistribution from the international offering [2][3]. Group 2: Market Position and Business Model - In 2023, Shouhui Group held a 7.3% market share in China's online insurance intermediary market, making it the second-largest player in this sector [6][7]. - The company operates through three main platforms: Xiaoyusan, Kachabao, and Niubao100, which cover direct sales, agent distribution, and business partner distribution [5][6]. - Shouhui Group has established partnerships with over 110 insurance companies and has distributed more than 1,900 insurance products [7]. Group 3: Financial Performance - Shouhui Group's revenue for 2022, 2023, and projected for 2024 were 806 million, 1.634 billion, and 1.387 billion RMB respectively, showing stable profitability in core operations [7]. - The adjusted profits for the same years were 75 million, 253 million, and 242 million RMB, indicating consistent profit generation [7]. Group 4: Strategic Outlook - The company plans to enhance its service quality and efficiency by collaborating with more industry participants and investing in product innovation [13]. - Shouhui Group aims to improve its digital platform and operational efficiency through increased R&D and technology investments [13]. - The company is also exploring opportunities for mergers, acquisitions, and international expansion to diversify its business [13]. Group 5: Founders and Backing - The founders of Shouhui Group have prior experience at Tencent, which has influenced the company's focus on digitalization [10][11]. - The company has attracted significant investment from well-known institutions, achieving a valuation of 1.2 billion RMB after its latest funding round [11].

Core Viewpoint - The company, Shouhui Group, officially listed on the Hong Kong Stock Exchange on May 30, 2023, but experienced a significant drop in stock price on its first trading day, closing at HKD 6.61, down 18.19% from the initial offering price of HKD 8.08 [1][4]. Company Overview - Shouhui Group, established in 2015, is a provider of personal insurance intermediary services, primarily generating revenue through commissions from insurance companies for distributing insurance products to policyholders [1][4]. - The company’s main distribution platform is "Xiaoyusan," which has undergone leadership changes, with co-founder Xu Han exiting in 2020 [3]. Financial Performance - The projected revenues for Shouhui Group for 2022, 2023, and 2024 are approximately CNY 806 million, CNY 1.634 billion, and CNY 1.387 billion, respectively. The company reported profits of CNY 131 million in 2022, a loss of CNY 356 million in 2023, and a projected loss of CNY 136 million in 2024 [5]. - Adjusted net profits (non-HKFRS) for the same years are estimated at CNY 75 million, CNY 253 million, and CNY 242 million [5]. Market Position - In the competitive landscape of China's online long-term personal insurance intermediary market, Shouhui Group ranks eighth with a market share of 2.9% based on total premiums in 2023 [5]. - The company faces competition from other insurance intermediaries, internal sales personnel of insurance companies, and bank insurance channels [5]. Fundraising and Utilization - Shouhui Group raised approximately HKD 134 million from its global offering, with 60% allocated to enhancing sales and marketing networks, 20% for improving R&D capabilities, 10% for mergers and acquisitions, and 10% for working capital [4].

Core Viewpoint - Hand Return Group officially listed on the Hong Kong Stock Exchange, marking the third company nurtured by the Futian Jin Ke Dual Park, showcasing the success of the digital finance industry in Futian District [1][2]. Group 1: Industry Development - Since 2019, Futian District has developed the Bay Area International Financial Technology City and the International Financial Technology Ecological Park, creating a 60,000 square meter industrial space and achieving a "dual park linkage" development model [2]. - In just five years, the district has successfully nurtured listed companies such as Wealth Trend (listed on the Sci-Tech Innovation Board, stock code: 688318), Lingxiong Technology (listed on the Hong Kong Stock Exchange, stock code: 2436.HK), and Hand Return Group (listed on the Hong Kong Stock Exchange, stock code: 2621.HK) [2]. - As of 2024, the total valuation of companies in the Futian Jin Ke Dual Park is close to 70 billion yuan, with listed companies valued at 34.403 billion yuan and unlisted companies at 29.943 billion yuan [2]. Group 2: Company Innovation - Hand Return Group is recognized as a benchmark enterprise in the Futian Jin Ke Dual Park, driving transformation in the insurance intermediary industry through technological innovation [5]. - The company has developed a technology empowerment system that covers the entire business process from customer acquisition to claims [5]. - AI technology is utilized to enhance business quality, reducing effective complaint rates to below 1% and shortening the dual recording time for insurance policies to 10-15 minutes with a pass rate of 99.6%, significantly improving customer experience [5]. Group 3: Support Services - The Futian Jin Ke Dual Park provides comprehensive "four connections" precision services to support enterprise growth, including market connection, capital connection, policy connection, and talent connection [6]. - The successful listing of Hand Return Group exemplifies the collaborative innovation between government, enterprises, and parks, highlighting the core capabilities in resource integration and ecological construction within the Futian Jin Ke Dual Park [6].

Group 1 - The core point of the article is that Shenzhen Shouhui Technology Group Co., Ltd. (Shouhui Group) successfully listed on the Hong Kong Stock Exchange after two previous failed attempts, marking a significant milestone for the company [1] - Shouhui Group's global offering consisted of 24.3584 million shares, with 12.1792 million shares allocated for both the Hong Kong public offering and international offering, at a final price of HKD 8.08 per share [1] - The company was founded in 2015 and operates as a life insurance intermediary service provider, primarily generating revenue from commissions paid by insurance companies [1] Group 2 - According to Frost & Sullivan, Shouhui Group ranks eighth in the Chinese life insurance intermediary market with a market share of 2.9%, and it is the second-largest online insurance intermediary in China with a market share of 7.3% based on long-term life insurance premiums in 2023 [2] - Shouhui Group's revenue from 2021 to 2024 was reported as follows: CNY 1.548 billion, CNY 806 million, CNY 1.634 billion, and CNY 1.387 billion, respectively [3] - The company experienced a net loss of CNY 204 million in 2021, a profit of CNY 131 million in 2022, and losses of CNY 356 million and CNY 136 million in 2023 and 2024, respectively, while adjusted net profits were CNY 75 million, CNY 253 million, and CNY 242 million for the same years [3] Group 3 - Shouhui Group's business model consists of three digital platforms: the direct-to-consumer platform "Little Umbrella," the agent-enabled distribution platform "Kacha Insurance," and the B2B distribution platform "Niu Insurance 100" [3] - In 2024, the online direct distribution revenue from "Little Umbrella" was CNY 293 million, accounting for 21.3% of the total insurance transaction service revenue; "Kacha Insurance" generated CNY 220 million, representing 15.9%; and "Niu Insurance 100" contributed CNY 865 million, making up 62.8% of the total [3]

Core Viewpoint - Hand Return Group Limited (referred to as "Hand Return Group") was listed on the Hong Kong Stock Exchange, opening at HKD 7.5 and closing at HKD 6.61, reflecting a decline of 18.19% from its opening price [1]. Summary by Relevant Sections Share Issuance and Capital Structure - The total number of shares issued by Hand Return Group was 24,358,400, with 12,179,200 shares allocated for public offering in Hong Kong and 12,179,200 shares for international offering [2]. - The number of shares outstanding at the time of listing, before the exercise of the over-allotment option, was 226,378,600 [2]. Pricing and Proceeds - The final offer price was set at HKD 8.08, resulting in total proceeds of HKD 196.82 million. After deducting estimated listing expenses of HKD 62.59 million, the net proceeds amounted to HKD 134.22 million [4][5]. Business Overview - Hand Return Group is a Chinese life insurance intermediary service provider, focusing on providing insurance service solutions through its digital transaction and service platforms, including Xiao Yu San, Ka Cha Bao, and Niu Bao 100 [6]. - The funds raised are expected to be utilized over the next 60 months to enhance and optimize the company's sales and marketing network, improve services, boost research and development capabilities, and for selected mergers and acquisitions [6]. Financial Performance - Projected revenues for Hand Return Group are as follows: RMB 806.26 million in 2022, RMB 1.634 billion in 2023, and RMB 1.387 billion in 2024. The net profits (losses) for the same years are projected to be RMB 131 million, -RMB 356 million, and -RMB 136 million respectively [7]. - The operating cash flow for 2022 was -RMB 54.26 million, while it is projected to be RMB 205.07 million in 2023 and RMB 110.1 million in 2024 [8].

Investment Rating - The report indicates a positive investment outlook for the smart industry sector, particularly focusing on AI, robotics, and semiconductor technologies [1]. Core Insights - The Guangdong Smart Industry Fund has been launched with a target size of 10 billion yuan, aiming to drive technological breakthroughs and application scenarios in AI, smart manufacturing, and smart cities [1]. - The Wu Chuang Jiang'an Science and Technology Innovation Fund has been established to facilitate the transformation of major scientific achievements from top research institutions in Beijing to Wuhan, enhancing the local innovation ecosystem [3]. - AusperBio has successfully completed a $50 million B+ round financing to support the clinical development of its innovative drug for chronic hepatitis B [4]. - Tantu Intelligent has raised several hundred million yuan in a B round financing to enhance its core component development and expand its product categories [5]. - Hongxing Zhixin has completed a strategic financing of 143 million yuan, focusing on integrated circuit chip manufacturing and design services [7]. - The Handback Group has gone public on the Hong Kong Stock Exchange, offering a digital platform for life insurance transactions and services [8]. Summary by Sections Fundraising Events - The Guangdong Smart Industry Fund aims to raise 2 billion yuan in its first phase, focusing on AI, robotics, and semiconductor technology [1]. - The Wu Chuang Jiang'an Science and Technology Innovation Fund is set to leverage resources from Beijing to promote innovation in Wuhan [3]. Major Financing - AusperBio has completed a $50 million financing round to advance its drug development for chronic hepatitis B [4]. - Tantu Intelligent has secured several hundred million yuan in financing to boost its R&D and product offerings [5]. - Hongxing Zhixin has raised 143 million yuan for its integrated circuit chip business [7]. Global IPO - The Handback Group has launched its IPO on the Hong Kong Stock Exchange, focusing on digital insurance solutions [8]. Policy Focus - The State Council has issued guidelines to enhance the market-oriented allocation of resource and environmental factors by 2027, promoting active trading and efficient allocation [9].

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]

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].