New stock news: Insurance agency service provider Zhongmiao Chuangke has passed the hearing, and its performance has seen significant growth in recent years.

According to the Hong Kong Stock Exchange on July 22nd, Zhongmiao Innovation Technology (Qingdao) Co., Ltd. (Zhongmiao Innovation Technology) has conducted a listing hearing on the main board of the Hong Kong Stock Exchange, with CITIC SEC and Ping An Insurance Capital (Hong Kong) acting as joint sponsors. According to the prospectus, Zhongmiao Innovation Technology is a rapidly growing insurance agency service provider in China, dedicated to distributing various insurance products to corporate and household insurance users, including property insurance products, life and health insurance products, accident insurance products, and auto insurance products. As an insurance agency company with digital capabilities that uses online platforms, insurance-related systems, and IT technology to enhance its insurance agency services, Zhongmiao Innovation Technology has developed digital solutions for insurance agency businesses that align with customer needs. The company has utilized its accumulated IT technology and professional knowledge to expand and develop its IT service business. Since its establishment in 2017, Zhongmiao Innovation Technology has always paid attention to the trend of digital transformation in the insurance intermediary industry, and has developed multiple online platforms such as the "Enterprise Insurance Interactive Service Platform," the "Quanzhangui" APP, WeChat public account, and WeChat mini-program "Quanzhangui Claims Center" to improve the user experience for insurance users and provide comprehensive service support to insurance agents. The "Quanzhangui" APP recommends insurance products using the company's proprietary data analysis engine and provides personalized insurance product solutions. The Enterprise Insurance Interactive Service Platform mainly serves enterprise insurance users, covering important stages of insurance transactions including interpreting policies, purchasing products, and managing policies. As of December 31, 2023, the company's online platforms had over 236,000 registered users. According to Frost & Sullivan, Zhongmiao Innovation Technology ranked eighth among all insurance agencies in China in terms of declared net profit in 2022. The Chinese insurance intermediation industry is expected to continue growing steadily, with the underwriting scale expected to grow at a compound annual growth rate of 12.8% from 2024 to 2028, reaching RMB 1,505.5 billion by 2028. During the reporting period, Zhongmiao Innovation Technology's ecosystem has connected over 60 insurance companies, including the top three insurance groups in China by market value, as customers. The company has also connected insurance agents in Shandong, Hebei, Henan, and Jilin provinces, as well as 17 strategic channel partners. Through its ecosystem, the company has distributed insurance products to over 17,400 enterprise insurance users and 336,000 household insurance users. Financially, Zhongmiao Innovation Technology has achieved significant growth in recent years, with both revenue and profits increasing. In 2021, 2022, and 2023, the company achieved revenues of approximately RMB 120 million, RMB 148 million, and RMB 174 million, respectively, with a compound annual growth rate of 20.4%. Net profits were approximately RMB 27 million, RMB 36 million, and RMB 39 million, respectively.