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 ...

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]

Group 1 - The core company, Shenzhen Shouhui Technology Group, has passed the Hong Kong Stock Exchange hearing and disclosed information on May 15 [1] - Shouhui Technology, established in 2015, focuses on digital insurance intermediary services, generating revenue primarily from commissions paid by insurance companies [1] - The company operates three digital platforms: "Xiaoyusan" for C-end users, "Kachabao" for empowering insurance agents, and "Niubao 100" for connecting B-end partners [1] Group 2 - The online insurance intermediary market in China has seen significant growth, with total premiums increasing from 60 billion yuan in 2019 to 211 billion yuan in 2023, representing a compound annual growth rate (CAGR) of 36.9% [2] - For long-term insurance, total premiums rose from 12 billion yuan in 2019 to 88 billion yuan in 2023, with a CAGR of 64.6% [2] - Shouhui Group's revenue for 2022, 2023, and projected for 2024 are 806 million yuan, 1.634 billion yuan, and 1.387 billion yuan respectively, with adjusted net profits of 75 million yuan, 253 million yuan, and 242 million yuan [2] Group 3 - The company has received investments from top domestic institutions including Sequoia China and Matrix Partners from angel to C-round financing [2] - The net proceeds from the IPO will be primarily used to enhance sales and marketing networks, improve service, boost R&D capabilities, and for general corporate purposes [2]

中国第二大线上保险中介服务机构。 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 "）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，中金公司和华泰国际担任联席保荐人。 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 1,900个产品，其中包括 超 280个定制产品和 超 1,600个 保险公司已有的 ...

Core Viewpoint - The company, Shouhui Group Limited, is a Chinese life insurance intermediary service provider that has recently passed the listing hearing on the Hong Kong Stock Exchange, with Huatai International and CICC as joint sponsors [1][3]. Company Overview - Shouhui Group operates an online platform to provide insurance service solutions for policyholders and insured individuals, distributing insurance products underwritten by insurance companies without assuming any underwriting risks [3][4]. - The company primarily collaborates with over 110 insurance companies, covering more than 70% of China's life insurance market [5]. Market Position - In 2023, the total premium of China's life insurance market reached RMB 3.8 trillion, with the life insurance intermediary market accounting for RMB 237 billion, representing 6.3% of the total market [4]. - Shouhui Group ranked eighth in the life insurance intermediary market with a market share of 2.9% in 2023, and it is the second-largest online insurance intermediary in terms of long-term life insurance premiums, holding a 7.3% market share [4][8]. Distribution Channels - The company utilizes three distribution channels: direct online sales through "Xiaoyu San," sales through insurance agents via "Kachabao," and distribution with business partners through "Niubao 100" [7]. - The platforms facilitate comprehensive support for insurance agents and partners, enhancing the distribution process [7]. Customer Demographics - The primary customer base consists of individuals aged 30-45 from first and second-tier cities in China, contributing 63.4% of total premiums and 72.2% of distributed policies during the reporting period [8]. Financial Performance - The company's revenue for the years 2022, 2023, and 2024 was approximately RMB 806 million, RMB 1.634 billion, and RMB 1.387 billion, respectively, with net profits of RMB 131 million, a loss of RMB 356 million, and a loss of RMB 136 million [8][9].