Behind the ribbon cutting of Tsim Sha Tsui, hides all the secrets of the three evolutions of RENRUI HR (06919).

In Tsim Sha Tsui, Hong Kong, at the Empire Centre, there was a small opening ceremony, starring a new face named Rui Bao International Wealth Management Co., Ltd. It is a wholly-owned subsidiary of RENRUI HR (06919) after acquiring the licensed insurance brokerage company Zhi Cheng Wealth Consultants in Hong Kong at the beginning of the year and renaming it to be included in the group's system. In the opening ceremony, RENRUI HR Group President Zhang Jianguo stated that Rui Bao International is a key extension of the RENRUI Service ecosystem, leveraging the group's extensive enterprise customer resources and the insurance technology capabilities accumulated by Rui Bao Technology over the past 3 years. In the future, Rui Bao International has tremendous revenue growth potential and is expected to open up a new growth curve for the group. The ribbon-cutting photos were festive, simple yet grand, with over a hundred guests from banks, insurance companies, industry associations, special clients, and other heavyweights present. However, if you only see it as a routine "subsidiary opening," you would miss the real story worth telling. Because behind that group photo, RENRUI HR is actually completing something that most human resources companies dare not dream of: three consecutive species-level evolutions - and each time, quietly rewriting the old label that the capital market has stuck on it. First Evolution: From "selling people" to "selling digital brains" RENRUI HR had a humble beginning. When it went public in 2019, the market categorized it as "flexible employment" - an industry that sounded like bricklaying, customer service, and call center seating. At that time, its client list, although impressive (ByteDance, Tencent, Xiaohongshu, and other new economy giants), was essentially a scale game based on charging per head, with razor-thin margins. The turning point came in 2021. The group clearly stated its "second entrepreneurship" goal, shifting its focus to digital technology and cloud services - outsourcing data algorithm engineers, big data developers, and AI-related positions for tech companies. By the full year of 2025, this second curve had already reached this point: the revenue of this sector in 2025 was 1.659 billion yuan, a year-on-year increase of 38.3%, accounting for 30.1% of the group's revenue, and contributing 46.1% of the gross profit, rising to become the top profit pillar of the group. This was not a simple business line adjustment, but a transfer of value pool - from low barrier labor arbitrage to high barrier tech talent ecosystem. RENRUI HR pulled itself out from its "labor intermediary" genes halfway. Second Evolution: From China to Global, "The third curve" is not just a slogan When Chinese companies going global shifted from being optional to mandatory, RENRUI HR's second evolution came into play. Starting in 2024, RENRUI HR reactivated its overseas expansion, which was interrupted by the pandemic. By the end of 2025, the number of global subsidiaries had doubled to 24, with international business income of 76.8 million yuan, a staggering year-on-year increase of 291.8%, while gross profit increased by 152% synchronously. The CEO of Rui Bao International, Song Ze, revealed at the opening ceremony that RENRUI HR Group had vigorously expanded its overseas market from 2025, with the establishment of companies in 25 countries worldwide. The establishment of Rui Bao International was to meet the risk protection needs of human, financial, and material resources for Chinese companies going global. Zhang Jianguo bluntly said, "Seeking new markets overseas is a strategy for the country and an opportunity for us." The key economic account is the gross profit margin of over 20% overseas, higher than the domestic business level. This is not a simple geographical expansion but a shift and upgrade of strategic capabilities. RENRUI HR did not simply replicate China's outsourcing model to Southeast Asia but used a strategy consisting of its own entities + local country managers + demands from Chinese clients going global, transforming itself from a local service provider to a cross-border human resource partner with global service capabilities, successfully opening the third growth curve for the company. Third Evolution: Rui Bao International - From "finding people" to "managing people, protecting people, retaining people" The opening of Rui Bao International is essentially the inevitable extension of the second evolution and the third leap that RENRUI HR is trying to achieve. The logical chain is very clean: when your clients send thousands of employees to Vietnam, Thailand, the UAE, Central Asia, the biggest headache isn't "where are the people," but rather - who compensates for work-related injuries? Are local labor laws compliant? How to evacuate during political unrest? What to do if executives are kidnapped? How to deal with cross-border taxation? These are issues that traditional human resource companies do not touch, and ordinary insurance companies do not understand the employment scene. What Rui Bao International obtained is a licensed insurance brokerage license in Hong Kong, as well as stable cooperation relationships with several insurance companies that Zhi Cheng Wealth had before. On the opening day, Rui Bao International signed a comprehensive cooperation agreement with China Life Insurance's Hong Kong branch, focusing on three main tracks: guaranteeing overseas personnel, global wealth management, Trillions of MPF services, establishing five major landing pillars: "product synergy, compliance co-construction, training empowerment, offshore services, joint risk control." At the opening scene, several entrepreneurs from the internet and foreign trade industries signed contracts on the spot, a detail with significant symbolism. Because what companies are buying is not just the promotion of a specific insurance product but an all-in-one embedded solution for "recruitment outsourcing + overseas employee management + compliance consulting + group medical care + employer liability insurance." In business terms, it means: RENRUI HR is no longer just helping companies "find people" but has upgraded to help companies "manage people, protect people, retain people" - transitioning from a single human resources service provider to a "full lifecycle risk management platform" for enterprises undergoing globalization. This "human + finance" cross-sales model has extremely low marginal customer acquisition costs (the customer is already in your hands), but each additional commission and risk management service fee stacked on each deal helps to elevate the overall customer lifetime value (LTV) and unit economic model. Conclusion Thus, the three evolutionary paths of RENRUI HR are clear: it started by addressing the fundamental need for companies' "labor management," then evolved to addressing the professional need for "talent management," expanded to meet the regional need for "globalization," and finally, through Rui Bao International, delved into addressing the core financial need for enterprise "risk management." The fireworks that burst in Tsim Sha Tsui sent down more than colored ribbons from the sky; they were a signal: RENRUI HR is stringing together every pain point of Chinese companies going global - hiring, deploying, managing, insuring - into a line and attempting to turn this line into its moat. In the next decade of globalization, a company that can "send people out and keep them in" will likely be worth much more than a company that only sends people. As for when the market recognizes this - that is another story.