Huize Announces Definitive Agreement to Acquire Leading Regional Insurance Agency Shengs Life & General
September 24 2021 - 6:00AM
Huize Holding Limited, (“Huize” or the “Company”, together with its
subsidiaries, its consolidated variable interest entity and the
subsidiaries of the consolidated variable interest entity the
“Group”) (NASDAQ: HUIZ), a leading digital insurance product and
service platform for new generation consumers in China, today
announced that the Group, through Shenzhen Zhixuan Wealth
Investment Management Co., Ltd. (“Zhixuan Investment”), a
wholly-owned subsidiary of the Group’s consolidated variable
interest entity, has entered into a definitive agreement to acquire
a controlling equity interest in Hubei Shengs Life & General
Insurance Agency Co., Ltd. (“Shengs Life & General”), one of
the leading regional insurance agency groups dedicated to
distributing life and health insurance products.
Pursuant to the definitive agreement by and
among Zhixuan Investment, Shengs Life & General and current
shareholders of Shengs Life & General, Shengs Life &
General will undergo a series of restructuring so as to become a
wholly-owned subsidiary of a group company (“Shengs Group”).
Subsequently, Zhixuan Investment will acquire a total of 56.19%
equity interest in Shengs Group for a share purchase price of
approximately RMB42.68 million in cash, together with a capital
injection of RMB15 million. The transaction is expected to complete
by the end of 2021, subject to the satisfaction of customary
conditions precedent. Following the completion of the transaction,
Shengs Life & General will be accounted for as a consolidated
subsidiary of the Company.
About Huize Holding Limited
Huize Holding Limited is a leading digital
insurance product and service platform for new generation consumers
in China. Targeting the younger generation, Huize is dedicated to
serving its insurance clients for their life-long insurance needs.
Leveraging its online platform, Huize offers a wide variety of
insurance products with a focus on long-term life and health
insurance products, and empowers its insurer partners to reach a
large fragmented client base in the insurance retail market
efficiently and enhance their insurance sales. Huize provides
insurance clients with digitalized insurance experience and
services, including suitable product recommendations, consulting
service, intelligent underwriting and assistance in claim
application and settlement, which significantly improve transaction
experience.
Safe Harbor Statement
This announcement contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Statements that are not historical facts, including
statements about Huize’s beliefs and expectations, are
forward-looking statements. These forward-looking statements can be
identified by terminology such as “will,” “expects,” “anticipates,”
“future,” “intends,” “plans,” “believes,” “estimates,” “confident”
and similar statements. Among other things, outlook regarding
completion of transaction in this announcement, contain
forward-looking statements. Huize may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (the “SEC”), in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: Huize’s goal and strategies; Huize’s expansion plans;
Huize’s future business development, financial condition and
results of operations; Huize’s expectation regarding demand for,
and market acceptance of, its online insurance products; Huize’s
expectations regarding its relationship with insurer partners and
insurance clients and other parties it collaborates with;
regulatory developments and potential impact on Huize’s corporate
structure, business and operations, general economic and business
conditions; and assumptions underlying or related to any of the
foregoing.
Further information regarding these and other
risks is included in Huize’s filings with the SEC. All information
provided in this press release is as of the date of this press
release, and Huize does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
For investor and media inquiries, please
contact:
Investor
Relations investor@huize.com
Media
Relations mediacenter@huize.com
Christensen
In China Ms. Constance Zhang Phone: +86
138-1645-1798 E-mail: czhang@christensenir.com
In U.S. Ms. Linda Bergkamp Phone:
+1-480-614-3004 Email: lbergkamp@ChristensenIR.com
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