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].

Core Viewpoint - Handback Group Limited is planning to launch an IPO from May 22 to May 27, 2025, with a global offering of approximately 24.36 million shares at a price range of HKD 6.48 to HKD 8.08 per share, aiming to raise between HKD 158 million and HKD 197 million [1][3]. Group 1: IPO Details - The expected total fundraising amount is approximately HKD 158 million to HKD 197 million, with a net amount of about HKD 116 million after deducting issuance costs, based on a median issue price of HKD 7.28 [3]. - If the overallotment option is fully exercised, the estimated net fundraising amount could reach approximately HKD 142 million [3]. - About 60% of the raised funds will be allocated to enhancing and optimizing the sales and marketing network and improving services over the next 60 months [3]. Group 2: Company Background - Handback Group, officially known as Shenzhen Handback Technology Group Co., Ltd., was established in January 2015 and has a registered capital of RMB 4.887 million [3]. - The major shareholders include Guangyao, Tianjin Handback Investment Co., Ltd., and others, with Guangyao holding 29.68% through Little Blue Light Ltd [4]. Group 3: Financial Performance - The company's revenue for 2022, 2023, and 2024 is estimated to be approximately RMB 806 million, RMB 1.634 billion, and RMB 1.387 billion, respectively, with net profits of RMB 131 million, -RMB 356 million, and -RMB 136 million [6][8]. - The adjusted net profit for the same years is approximately RMB 75 million, RMB 253 million, and RMB 242 million [8]. - The company experienced a significant revenue decline of approximately 47.9% in 2022 compared to 2021, primarily due to a decrease in income from insurance transaction services [9]. Group 4: Revenue Breakdown - Revenue from insurance transaction services decreased from approximately RMB 15.45 billion in 2021 to RMB 8.02 billion in 2022, a drop of 48.1% [9]. - For 2024, the revenue from insurance transaction services is projected to decline by 15.13%, primarily due to a reduction in long-term life insurance income [9]. - The income from the Niubao 100 platform is expected to decrease from RMB 11.01 billion in 2023 to RMB 8.65 billion in 2024 [9].

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]