Huize Announces Management Share Purchase Plan to Demonstrate Confidence in the Prospects for Its Business

Rhea-AI Summary

Huize Holding Limited (NASDAQ: HUIZ) announced the approval of a Management Share Purchase Plan, enabling its management team, including CEO Cunjun Ma, to purchase up to $5 million in the company's ADSs over the next six months. This initiative reflects the management's confidence in Huize's business fundamentals and growth prospects, despite challenges faced by Chinese companies listed in the US. The company aims to leverage its platform to cater to new generation insurance consumers, focusing on long-term life and health insurance products.

Positive

• Management Share Purchase Plan approved for $5 million, indicating confidence in the company's future.
• Focus on long-term life and health insurance products enhances stability in financial performance.

Negative

• Management acknowledges existing headwinds for Chinese companies listed in the US.

SHENZHEN, China, Aug. 17, 2021 (GLOBE NEWSWIRE) -- Huize Holding Limited, (“Huize”, the “Company” or “we”) (NASDAQ: HUIZ), a leading digital insurance product and service platform for new generation consumers in China, today announced that its Board of Directors (“the Board”) has approved the Management Share Purchase Plan, pursuant to which Mr. Cunjun Ma, the Company’s Chairman of the Board and Chief Executive Officer, and certain other members of the Company’s management team intend to allocate their personal funds to purchase up to an aggregate of US$5 million worth of the Company’s ADSs during a six-month period following today, pursuant and subject to applicable laws and the Company’s securities trading policy. The management share purchase may be made from time to time in the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The management team has agreed to be subject to lock-up restrictions for a period of six months with respect to the proposed purchased shares.

Mr. Cunjun Ma, Founder, Chairman of the Board and Chief Executive Officer of Huize, commented, “As a leading digital insurance product and service platform in China, Huize has been at the forefront as an innovator in the online insurance industry while maintaining strict compliance within the industry’s regulatory framework. We believe Huize has been a recipient of widespread industry recognition and is well-positioned to capitalize on the tremendous growth opportunities ahead. Our focus on distributing long-term life and health insurance products provides us with stable financial performance and better visibility on future revenues.  Despite the headwinds and challenges Chinese companies listed in the US are currently facing, we are well-equipped to cope with such challenges with appropriate measures. The Management Share Purchase Plan demonstrates our confidence in the business fundamentals and long-term growth prospects 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.

For more information, please visit http://ir.huize.com.

For investor and media inquiries, please contact:

Investor Relations
Ms. Harriet Hu
Investor Relations Director
+852 3180 9207
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 

FAQ

What is the purpose of Huize's Management Share Purchase Plan?

The Management Share Purchase Plan allows Huize's management to purchase up to $5 million in the company's ADSs, demonstrating confidence in future growth.

Who is involved in the Management Share Purchase Plan at Huize?

Mr. Cunjun Ma, the CEO and Chairman, along with other members of the management team, are involved in the plan.

What is Huize's focus in the insurance market?

Huize focuses on providing long-term life and health insurance products to new generation consumers in China.

How long will the Management Share Purchase Plan be in effect?

The plan will be in effect for a six-month period.

What challenges is Huize facing as a Chinese company listed in the US?

Huize acknowledges that it is facing headwinds and challenges that are common among Chinese companies listed in the US.