New Stock News | White Pigeon Online Makes a Dash for Hong Kong Stock Exchange, Leading in Scene-specific Risk Digital Solutions

According to the disclosure of the Hong Kong Stock Exchange on February 28, White Pigeon Online (Xiamen) Digital Technology Co., Ltd. (White Pigeon) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CMBC CAPITAL and China CITIC International as its joint sponsors. According to the prospectus, White Pigeon Online is a leading provider of digital risk management solutions for scenario-based insurance in China. It mainly uses scenario insurance as a tool to generate revenue by providing innovative and technology-enabled risk management financial services, intelligent marketing and digital solutions, as well as TPA services. According to a report by Zhushi Consulting, based on revenue in 2023, White Pigeon Online ranks first among providers of digital risk management solutions for scenario-based insurance in China, with a market share of 4.4%. The scenario-based insurance market in China has experienced continuous growth, with the market size (in terms of premium income) increasing from RMB 51.1 billion in 2019 to RMB 79.4 billion in 2023, and is expected to maintain a stable growth trend, reaching RMB 130.1 billion by 2028, with a compound annual growth rate of 10.4% from 2023 to 2028. With strong digital capabilities, White Pigeon Online not only provides standardized insurance products, but also focuses on providing comprehensive protection specifically tailored to manage the various risks faced by ecosystem partners in their daily operations and end consumers in their lives, rather than offering standardized insurance products. The company's products cover nine ecosystems such as travel, health, and public services, ensuring the adoption of a holistic approach to address various risks in different scenarios across multiple ecosystems, rather than narrowly focusing on a single type of risk in a specific scenario. The company has expanded its business portfolio to nine ecosystems and will continue to explore opportunities in more ecosystems. Financially, for the nine months ending September 30 in 2022, 2023, and 2024, White Pigeon Online's revenue was approximately RMB 405 million, RMB 660 million, and RMB 630 million respectively; and gross profit for the periods were approximately RMB 33.505 million, RMB 52.05 million, and RMB 50.61 million respectively.