Photo/Tuchong

Feb. 7 (NBD) -- Huize Holding Limited ("Huize"), a Chinese online insurance product and service platform, plans to float on the Nasdaq stock market on February 12.

According to the latest prospectus released on Thursday, the company will issue a total of 4.65 million American Depositary Shares (ADSs) and the initial public offering (IPO) price is anticipated to be between 9.40 U.S. dollars and 11.40 U.S. dollars per ADS.

The shares will be traded under the symbol of "HUIZ" and the main underwriters of the listing are Citigroup and CICC. The IPO's greenshoe option will allow Huize to sell up to 60.96 million U.S. dollars of shares.

Initially operating an online insurance business under the "Huize" brand in 2006, Huize is among the first internet platforms that gained approval from Chinese authorities for the sale of online insurance products and services. 

Huize mainly provides life and health insurance products and property & casualty insurance products. As of September 30, 2019, Huize has served 6 million insurance clients. 

It is noted that the company posted rapid growth in the past year. Its latest financial report shows it generated 735.1 million yuan (105.4 million U.S. dollars) in operating revenue in the first nine months of 2019, representing an increase of 122.9 percent from 329.7 million yuan in the same period of 2018, and the net profit soared by 216 percent year over year to 22.5 million yuan in the nine months ended September 30, 2019.

In the prospectus, Huize mentions the risks and challenges it may encounter in the dynamic and competitive online insurance industry, including growing the insurance client base in a cost-efficient manner and developing diversified and distinguishable products to address the evolving customer needs. 

Email: lansuying@nbd.com.cn