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].

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].