Huize to pre-market IPO this week

IFR 2299 7 September to 13 September 2019
Quick read

Huize Holding, an online insurance intermediary, is planning to start pre-marketing a US IPO of about US$150m as soon as this week, according to people close to the deal.

The company applied to the US Securities and Exchange Commission for the planned IPO on September 4.

Founded in 2006 and based in Shenzhen, Huize focuses on long-term life and health insurance products, which account for 89.8% of its brokerage income. Targeting a young customer base with an average age of 32, it had served 5.8 million clients as of June 30.

Huize posted a net profit of Rmb6.4m (US$934,000) for the six months ended June 30, up from Rmb4.3m the year before. It made a net profit of Rmb2.9m in 2018 on operating revenue of Rmb508.8m.

Morgan Stanley, Citigroup and CICC are leading the float with Tiger Brokers.