Huize Insurance becomes the first NASDAQ-listed online insurer

Chinese online insurance platform Huize Holding has raised USD55.1 million an initial public offering on the Nasdaq (HUIZ). The Shenzhen-based firm issued 5.25 million American depositary shares at USD10.5 apiece. The company becomes the first listed company of its kind.

Chinese online insurance platform Huize Holding has raised USD55.1 million an initial public offering on the Nasdaq (HUIZ). The Shenzhen-based firm issued 5.25 million American depositary shares at USD10.5 apiece. The company becomes the first listed company of its kind.

Huize will use the proceeds to invest in technology and big data to improve the efficiency of customer acquisition and risk management. The company will also spend some of the cash on product design and development, as well as daily operations and potential investments.

Founded in Shenzhen in 2006, Huize is a leading independent online insurance product and service platform in China. It was one of the first firms in China to land an online insurance permit. It had 50 million users as of the end of September 2019, and cooperated with 68 insurance companies across the country to provide users with more than 1,000 insurance products, including health insurance, life insurance, accident insurance, and travel insurance, and corporate insurance.

According to the company’s prospectus, Huize’s competitive advantage lies in its independent third-party product and service system built for young users. Statistics show that as of September 30, 2019, the average age of the customers who purchase life and health insurance through the platform is 32 years old.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/06/06/huize-insurance-becomes-the-first-nasdaq-listed-online-insurer/.

Leave a Reply

Your email address will not be published. Required fields are marked *