Haier Group's insurance intermediary subsidiary debuts on the Hong Kong Stock Exchange, also achieving a "first"!

Economic Herald Reporter | Shi Chao

On August 6, Zhongmiao Holdings (Qingdao) Co., Ltd. (hereinafter referred to as "Zhongmiao Holdings", stock code: 01471.HK) successfully listed on the main board of the Hong Kong Stock Exchange.

After the opening, the stock price of Zhongmiao Holdings rose by more than 4% at one point, then quickly declined, with a maximum decline of nearly 14%. In the afternoon, the stock price gradually stabilized and rose, closing higher with a closing price of HKD 7.35 per share, a daily increase of 5%.

This insurance intermediary under the Haier Group issued 35.3 million H shares globally this time, with an issue price of HKD 7 per share, raising a net amount of HKD 196 million. The number of shares publicly offered in Hong Kong accounted for 12.34% of the total shares offered globally, oversubscribed by 16.07 times; while the number of shares offered internationally accounted for 87.66% of the total shares offered globally, oversubscribed by 0.98 times.

It is worth noting that there was no precedent for mainland insurance intermediaries to list on the Hong Kong Stock Exchange before, which means that Zhongmiao Holdings has become the first stock in the mainland insurance intermediary industry to list on the Hong Kong Stock Exchange.

Information shows that Zhongmiao Holdings, as a rapidly growing insurance agency service and solutions provider in China, is committed to distributing various insurance products including property insurance, life and health insurance, accident insurance, and car insurance for corporate and household insurance users. It has connected with over 70 insurance companies including the top three insurance groups in China, covered insurance agents in four provinces including Shandong, Hebei, Henan, and Jilin, collaborated with 20 strategic channel partners, and distributed insurance products to over 20,000 corporate insurance users and 368,000 household insurance users.

From 2021 to 2023, Zhongmiao Holdings is expected to achieve revenues of RMB 120 million, RMB 148 million, and RMB 174 million respectively, and net profits of RMB 26.992 million, RMB 36.349 million, and RMB 38.993 million. In the first four months of this year, Zhongmiao Holdings achieved revenues of RMB 58.644 million and a net profit of RMB 14.829 million. Among them, the insurance agency business contributed the majority of Zhongmiao Holdings' revenue, reaching RMB 54.802 million, accounting for over 90%.

Regarding the use of funds raised from this listing, Zhongmiao Holdings stated that it will be used to develop insurance agency business, enhance IT service products and research and development capabilities, and seek prudent investments and acquisitions in the insurance intermediary and financial technology industries