New stock news | It is rumored that Zhong Miao Holdings (01471) has set a price limit of 7 Hong Kong dollars per share.

According to informed sources, Chinese Shandong insurance agency service provider Zhongmiao Holdings (01471) has set the Hong Kong IPO price at HK$7 per share, i.e. the lower limit of HK$7-10.2 per share. Based on HK$7 per share, the IPO of the company will raise HK$247 million. Zhongmiao Holdings is expected to be listed on the Hong Kong Stock Exchange next Tuesday (6th) with a minimum trading unit of 500 shares. The joint sponsors are CITIC SEC and Ping An Insurance Capital. The company is a provider of insurance agency services in Shandong province, China, dedicated to distributing various insurance products for businesses and household insurance users, including property insurance products; life and health insurance products; accident insurance products; and automobile insurance products. The company acquired Haier Insurance Agency from Haier Group in 2017 and became its designated insurance agency service provider, handling and managing all insurance-related matters in China for Haier Group. Zhongmiao Holdings has achieved continuous growth during the reporting period. The company's total revenue increased from RMB 120 million in the 2021 fiscal year to RMB 148 million in the 2022 fiscal year, and further increased to RMB 174 million in the 2023 fiscal year, with a compound annual growth rate of 20.4%, and from RMB 53.4 million in the first four months of 2023 to RMB 58.6 million in the first four months of 2024. As of the 2021 fiscal year, 2022 fiscal year, 2023 fiscal year, and the first four months of 2024, the revenue of the company's insurance agency business was RMB 116 million, RMB 130.7 million, RMB 155.7 million, and RMB 54.8 million, accounting for 96.7%, 88.1%, 89.5%, and 93.4% of the company's total revenue for the same fiscal year and period, respectively.