Recently, Hand Back Technology Co., Ltd. (hereinafter referred to as "Hand Back Technology") announced the further appointment of CCB International Capital Corporation Limited as its overall coordinator.
As of the date of the announcement, Handback Technology has appointed CICC, Huatai International and CCB International as its overall coordinators.
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On January 12, Handback Technology submitted an application for listing on the main board of the Hong Kong Stock Exchange.
According to the prospectus, Handback Technology is an online life insurance intermediary service provider in China, committed to providing customized insurance service solutions for insurance customers through a digital life insurance transaction and service platform centered on insurance customers. During the Track Record Period, the Company has established cooperation with approximately 100 insurance companies in the PRC, including almost all of the listed insurance companies in the PRC.
The products sold by Hand Back Technology are mainly long-term life insurance products. The types of products sold include exclusive customized products and products that are already available to insurance companies. Since 2017, Handback Technology has been offering long-term life insurance products with the company's participation in the drafting and pricing of liability terms and conditions, as well as owning intellectual property rights. For the nine months ended September 30, 2023, the total first-year premiums of the Company's customized products accounted for 57.8% of the first-year premiums of all insurance products sold by the Company. Since its inception, the company has sold more than 1,300 products, including more than 200 customized products and more than 1,100 products already owned by insurance companies. As of September 30, 2023, there are 260 products on sale.
In addition, Hand Back Technology's digital transaction and service solutions for life insurance empowers insurance transactions and services in different sales scenarios through the three major platforms of Little Umbrella, Ka Bao and Niu Bao 100. The company's digital transaction and service solutions for life insurance mainly include online direct sales solutions empowered through the small umbrella platform, agent marketing technology solutions empowered by the Kabao platform, and business partner marketing technology solutions empowered by the Niu Bao 100 platform.
It is understood that the small umbrella insurance brokers under Hand Back Technology is a national insurance brokerage platform with the qualification of the China Banking and Insurance Regulatory Commission, with the brand proposition of "knowing how to buy and rest assured to compensate", providing users with high-quality insurance products and assisting in claims settlement, after-sales and other services.
At the same time, in 2019, Little Umbrella and Nankai University jointly established the "Internet Health Insurance Protection Index" laboratory, and launched three consecutive issues of the "Internet Health Insurance Protection Index" industry white paper.
Previously, at the strategic upgrade conference, the founder of Hand Back Technology Group said, "The company will continue to develop in the field of insurance digitalization, and has divided the new three major sectors of business strategy: insurance trading, insurance technology, and health services." ”
Shouhui Technology Group continues to invest heavily in the development of insurance and health business. It is understood that the company has been deeply involved in insurance and health ecology business for many years, and around the upgrading of user needs, the follow-up group business will be more comprehensive and deeply cultivate the whole chain of health insurance marketing, service, after-sales and other insurance.
In terms of market competition, China's online long-term life insurance intermediary service market is relatively concentrated and highly competitive. In 2022, the top five players accounted for 78.8% of the market share in terms of total written premiums. Hand Back Technology mainly competes with insurance intermediaries and insurance companies' internal sales staff. The Company is the third largest online insurance intermediary in China in terms of total written premiums for long-term life insurance in 2022, with a market share of 7.1%. As competition in China's online long-term life insurance intermediary services market intensifies, the company believes it is well-positioned to capitalize on this growing industry opportunity.
In terms of finance, as of 2021, 2022, 2022 for the six months ended September 30, and 2023 for the six months ended September 30, the company's revenue was approximately RMB1.548 billion, RMB806 million, RMB555 million, and RMB1.337 billion, respectively. During the same period, the company's net profit was about -204 million yuan, 131 million yuan, 148 million yuan and -287 million yuan respectively.
From 2015 to 2024, Handback Technology has entered into five rounds of investment with certain investors, including Polar Xintian, Sequoia Yucheng, Jingtianweidi Special Purpose Corporation, Gopher Special Purpose Corporation, Tibet Juzhi, Tianjin Juxin and StarReachTechLimited.
Approximately 60% of the proceeds from the Hong Kong IPO are expected to be used to develop insurance products and improve services in the next 60 months, approximately 20% are expected to be used to enhance the Company's R&D capabilities and improve its technology infrastructure in the next 60 months, approximately 10% are expected to be used for selected mergers, acquisitions and strategic investments in the next 36 to 60 months, and approximately 10% are expected to be used for working capital and general corporate purposes in the next 60 months.