New stock news | Warm Insight's second-round delivery table shows that the number of insurance cases handled by the Hong Kong Stock Exchange in 2024 ranks first domestically.

According to the disclosure of the Hong Kong Stock Exchange on April 13th, Nuwa Insight Technology Limited (referred to as Nuwa Insight) has submitted an application for listing on the Main Board of the Hong Kong Stock Exchange, with J.P. Morgan and HSBC as its joint sponsors. The company had previously submitted a listing application to the Hong Kong Stock Exchange on September 16, 2025. Company Introduction According to the prospectus, Nuwa Insight is an independent AI-driven technology company in the insurance industry. In 2024, it ranked first in the number of insurance cases handled domestically and has full-stack risk analysis capabilities to enhance underwriting capacity and optimize claims efficiency. The insurance transaction lifecycle typically includes four key stages: product design, underwriting, claims management, and policy services. As an AI-driven technology company with full-stack risk analysis capabilities in the insurance industry, Nuwa Insight is committed to providing AI-driven technology to assist insurance companies in completing the entire operational lifecycle, with a special focus on two key segments - underwriting and claims management. Through the use of risk analysis technology, Nuwa Insight's solutions can achieve faster, more accurate risk assessment, improve operational efficiency, and streamline decision-making processes. Nuwa Insight's solutions can be accessed through modular packages hosted on its cloud-based infrastructure and conveniently provided to its clients through application program interface (API) layers. According to Frost & Sullivan, as of December 31, 2025, Nuwa Insight's solutions have been adopted by 115 insurance companies, including nine of the top ten insurance companies in China by gross premium in 2025. In 2025, revenue from nine of the top ten insurance companies in China amounted to RMB 162.6 million, accounting for 15.9% of the company's revenue that year. As of December 31, 2025, Nuwa Insight had processed 221.4 million underwriting audits and claims investigations and served over 44 million customers of insurance companies. Since its establishment, as of December 31, 2025, Nuwa Insight had also facilitated RMB 13 billion in first-year premiums. Business Model Nuwa Insight's solutions cover the entire insurance transaction lifecycle, focusing on underwriting solutions and claims solutions. Nuwa Insight's pricing model is primarily based on outcomes. Clients typically pay the company based on premiums facilitated and reduced claims ratios. With risk analysis capabilities, industry expertise, open-source large models, and a proprietary knowledge base containing 340 million health insurance risk analysis datasets, Nuwa Insight has developed specific multi-agent AI systems for different scenarios in insurance operations. These systems combine open-source large language models with industry-specific models to help insurance company clients improve user operations, underwriting risk assessment, claims management, and customer service. Nuwa Insight's proprietary technology combines data analysis capabilities, multi-agent systems, and cloud infrastructure to drive the transformation of the Chinese insurance industry. Nuwa Insight's multi-agent AI systems, Alamos and Robopu, provide comprehensive underwriting and claims solutions, enabling insurance companies to launch health insurance products with higher operational efficiency, interact more effectively with customers, and provide value-added health management services. Financial Information Revenue In 2023, 2024, and 2025, the company's revenue was approximately RMB 655 million, RMB 944 million, and RMB 1.024 billion, respectively. Annual Loss In 2023, 2024, and 2025, the company's annual losses were approximately RMB 240 million, RMB 155 million, and RMB 270 million, respectively. Gross Profit Margin In 2023, 2024, and 2025, the company's gross profit margin was 58.3%, 49.8%, and 47.2%, respectively. Industry Overview In 2024, the total addressable market size of Chinese insurance AI technology (covering revenue opportunities generated by AI technology applications in underwriting solutions and claims solutions) reached RMB 746.8 billion, projected to reach RMB 1,353.8 billion by 2029, with a compound annual growth rate of 12.7% from 2025 to 2029. The market size of Chinese health insurance AI technology industry increased from RMB 12.1 billion in 2020 to RMB 23.1 billion in 2024, and is expected to further grow to RMB 65.3 billion by 2029, with a compound annual growth rate of 23.3% from 2025 to 2029. Despite the rapid expansion of the market size, the market penetration rate of Chinese health insurance AI technology in 2024 was relatively low at 11.9%, expected to rise to 15.6% by 2029, indicating significant growth opportunities in the market. By provider type, independent providers hold a large market share. In 2020, the market size of independent providers was RMB 6.2 billion, projected to reach RMB 17 billion in 2024, and further expand to RMB 48.8 billion by 2029, with a compound annual growth rate of 23.7% from 2025 to 2029. By 2029, independent providers are expected to contribute approximately 74.7% of the market share. Board Information After listing, the board will consist of seven directors, including two executive directors, two non-executive directors, and three independent non-executive directors. The table below provides information about several directors: Share Structure As of the latest practicable date, Mr. Lu Min and ZA ONLINE each are considered to own 70,654,598 shares, equivalent to 31.65% of the company's shareholding. No other shareholders hold more than 16.00% of the company's shares. After listing, Mr. Lu Min and ZA ONLINE will remain the largest shareholders of the company. Nova Flower Limited, a company registered in the British Virgin Islands on November 28, 2023, primarily serves as a holding platform. As of the latest practicable date, it is wholly owned by Nova Peak Limited, which is owned by Nova Peak Trust, a discretionary trust established by Mr. Lu Min as the settlor. Nova Seed Limited, a company registered on March 8, 2023, is wholly owned by Nova Seed Trust. According to the trust deed, GIL must ensure that Nova Seed Limited waives the exercise of the voting rights attached to the shares unless authorized by the executive committee (the "executive committee" composed of Mr. Lu) to direct otherwise. Intermediary Team Joint Sponsors: J.P. Morgan Securities (Far East) Limited, HSBC Corporate Finance (Hong Kong) Limited Company's legal advisors: Woo Kwan Lee & Lo, King & Wood Mallesons, Maples and Calder (Hong Kong) LLP, King & Wood Mallesons Legal advisors of the joint sponsors: Norton Rose Fulbright Hong Kong, King & Wood Mallesons Reporting accountants and independent auditors: Ernst & Young Industry consultants: Frost & Sullivan (Beijing) Consulting Co., Ltd., Shanghai Branch Compliance advisors: SOMERLEY CAP Holdings Limited.