New Stock News | Intermediary Service Provider of Life Insurance, Shouhui Technology, Files Again to Hong Kong Stock Exchange. As of the end of May, the company is still in a loss-making state.

According to the disclosure of the Hong Kong Stock Exchange on July 31, Shouhui Technology Limited has submitted an application to the Hong Kong Stock Exchange Main Board, with CICC and Huatai International as its joint sponsors. It is reported that the Hong Kong stock prospectus submitted by the company on January 12 expires after 6 months on July 12. The prospectus disclosed that Shouhui Technology is a Chinese life insurance intermediary service provider, dedicated to providing insurance services and solutions to insurance customers online through a digital life insurance transaction and service platform. The insurance products distributed by the company (including those jointly developed with insurance companies) are underwritten by insurance companies, and the company does not bear any underwriting risks. According to Frost & Sullivan, in 2023, the total premium of the Chinese life insurance intermediary market reached 237 billion RMB, accounting for 6.3% of the total premium of the Chinese life insurance market. In 2023, based on the total premium of the Chinese life insurance intermediary market, Shouhui Technology ranked eighth with a market share of 2.9%. In terms of the total premium of long-term life insurance in 2023, Shouhui Technology is the second largest online insurance intermediary in China with a market share of 7.3%, second only to a major player in the market with a share of 45.5%. In terms of the first-year premium of long-term life insurance in 2023, the company is the second largest online insurance intermediary in China. The policyholders of Shouhui Technology are mainly from the 30-45 age group in first and second-tier cities in China. Policyholders aged 30-45 accounted for 63.5% of the total premium contribution during the historical period and contributed to 71.4% of the policies distributed by the company. As of May 31, 2024, the company had over 3.1 million policyholders and more than 4.9 million insured persons, of which 1.5 million policyholders and 2.1 million insured persons as of May 31, 2024 have valid policies through the company. During the historical period, Shouhui Technology cooperated with over 100 insurance companies, including over 65% of the Chinese life insurance companies. The company distributes life insurance products through three platforms with three distribution channels, namely (1) direct online distribution through Xiaoyusan, (2) distribution through insurance agents through Kacha Bao, and (3) distribution through Niu Bao 100 with the assistance of business partners. In the five months ending on May 31, 2024, the direct online distribution revenue from Xiaoyusan was 127 million RMB, accounting for 21.2% of the total insurance transaction revenue. Financially, the company's revenue for 2021, 2022, 2023, and up to May 31, 2024 were 1.548 billion, 806 million, 1.634 billion, and 603 million RMB respectively. During the same period, the annual profits were -204 million, 131 million, -356 million, and -51.761 million RMB respectively. The prospectus notes that during the historical period, Shouhui Technology's financial performance showed fluctuations. If it cannot generate sufficient income or effectively manage costs and expenses, Shouhui Technology may incur net losses again in the future and may be unable to achieve or maintain profitability thereafter.