Zhongmiao Holdings officially listed, Baihui served as joint bookrunner and joint lead manager
2024-08-07
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At 9:00 am on August 6, Zhongmiao Holdings (Qingdao) Co., Ltd. (hereinafter referred to as "Zhongmiao Holdings"), stock code 1471.HK, was officially listed on the main board of the Hong Kong Stock Exchange at a price of HK$7.0 per share, marking its official listing as the "first insurance intermediary stock" in the Hong Kong stock market. During this IPO listing process, the Baihui Financial Holdings team served as the joint bookrunner and joint lead manager. It is worth noting that the cornerstone investor of Zhongmiao Holdings' IPO project, The Reynold Lemkins Group (Asia) Limited, was also recommended by Baihui Securities, a subsidiary of Baihui Financial Holdings, to facilitate the cooperation.
Zhongmiao Holdings previously launched an IPO from July 29 to August 1, issuing approximately 35.3 million H shares, raising up to HK$196 million. It is reported that Zhongmiao Holdings plans to use the funds raised: 53.8% for the continued development of insurance agency business; 26.2% for the improvement of digital service products and R&D capabilities; 10% for investment and acquisition of target companies in the insurance intermediary and financial technology industries that can benefit Zhongmiao Holdings; the remaining 10% for general operating capital support and operational needs, which will help promote the company's development and business growth.
Representatives of Baihui Financial Holdings attended the listing ceremony of Zhongmiao Holdings
As an insurance agency service provider in Shandong Province, China, Zhongmiao Holdings' core business covers the distribution of various insurance products to corporate and household insurance users, including property insurance, life and health insurance, accident insurance and automobile insurance. With the continued growth of China's insurance intermediary industry, Zhongmiao Holdings is expected to achieve greater development with this trend. According to Frost & Sullivan's research, the underwriting scale of China's insurance intermediary industry is expected to grow at a compound annual growth rate of 12.8% between 2024 and 2028, reaching RMB 1,505.5 billion by 2028.
Baihui Financial Holdings analyzed that the continued expansion of China's economy is the key factor driving the surge in demand for insurance intermediary services from individual and corporate users. With the booming economy, companies have expanded their business scale, actively invested in new projects and entered new markets at home and abroad. In this process, companies are facing increasingly complex operational risks, covering multiple aspects such as finance, operations, strategy and compliance.
Insurance intermediaries play a vital role in this process. They help enterprises effectively deal with these risks with their professional insights and customized insurance solutions. Specifically, insurance intermediaries can accurately assess the specific risk status of different industries and enterprises, and recommend suitable insurance products to avoid potential losses, thus ensuring the steady progress of enterprises.
In the digital age, Zhongmiao Holdings has also kept up with the trend and is committed to developing digital insurance business. The company uses cutting-edge technologies such as artificial intelligence, big data analysis, cloud computing and digital process automation (DPA) to promote seamless transactions between insurance companies and users and provide more efficient and cost-effective services. This strategy not only meets the millennials' pursuit of digital services, but also enhances the company's market competitiveness.
As the joint bookrunner and joint lead manager, the Baihui Financial Holding team played an important role in the IPO project of Zhongmiao Holdings. They not only provided all-round support and guarantees, but also successfully introduced and facilitated the investment of the cornerstone investor The Reynold Lemkins Group (Asia) Limited, bringing stable financial support for the future development of Zhongmiao Holdings.
The successful listing of Zhongmiao Holdings is not only an affirmation of the company's own strength and development potential, but also a vote of confidence in the future development of China's insurance intermediary industry. With the support of partners such as Baihui Financial Holdings, Zhongmiao Holdings is expected to achieve greater breakthroughs and achievements in its future development.
Important statement: The above content is provided by Baihui Financial Holdings for reference only and cannot completely replace investors' judgment and decision-making. Investors need to analyze and evaluate according to their own risk tolerance and needs in order to formulate the most appropriate investment strategy.
Baihui Financial Holdings, its subsidiary Baihui Securities (Central Number: BPQ161) is licensed by the Hong Kong Securities Regulatory Commission to carry out Type 1 and Type 4 regulated licensed activities. At the same time, its subsidiary Baihui Capital (Central Number: BSM550) holds a Type 6 license and has the qualification of a sponsor.
