Huize Authorizes US$5 Million Share Repurchase Program

Rhea-AI Summary

Huize Holding Limited (NASDAQ: HUIZ) announced a share repurchase program of up to US$5 million for its Class A common shares. This move is part of Huize's commitment to enhance shareholder value and reflect confidence in its long-term growth. The repurchase is anticipated to occur over the next 12 months, funded by existing cash and operational cash flows. The company has previously initiated similar programs in April 2020 and March 2022, highlighting its solid financial standing and ongoing dedication to delivering value to shareholders.

Positive

• Authorized share repurchase program of up to US$5 million to enhance shareholder value.
• Funding for the repurchase expected from existing cash and operational cash flows, indicating a strong financial position.
• The continuation of repurchase programs reflects management's confidence in Huize's long-term growth prospects.

Negative

• None.

SHENZHEN, China, March 17, 2023 (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 authorized a share repurchase program under which Huize may repurchase up to US$5 million of its Class A common shares in the form of American depositary shares over the next 12 months, subject to relevant rules under the Securities Exchange Act of 1934, as amended, and Huize’s insider trading policy.

Mr. Cunjun Ma, Chairman and Chief Executive Officer of Huize, commented, “We are pleased to announce this new share repurchase program, which, similar to the share repurchase programs that we adopted in April 2020 and March 2022, underscores the confidence we have in our business model and the long-term growth prospects of Huize. We remain committed to delivering value to our shareholders while maintaining a strong financial position to support the future growth of our business.”

The share repurchases 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. Huize’s board of directors will review the share repurchase program periodically and may authorize adjustment of its terms and size. The Company expects to fund repurchases made under this program from its existing cash balance and cash generated from operations.

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
Harriet Hu
Investor Relations Director
investor@huize.com

Media Relations
mediacenter@huize.com

Christensen Advisory
In China
Ms. Crystal Lai
Phone: +852 2117 0861
Email: crystal.lai@christensencomms.com

In U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com

FAQ

What is the share repurchase program authorized by Huize (HUIZ)?

Huize has authorized a share repurchase program allowing it to buy back up to US$5 million of its Class A common shares over the next 12 months.

When will Huize's share repurchase program take effect?

The share repurchase program is set to take place over the next 12 months.

How will Huize fund the share repurchase of HUIZ?

Huize plans to fund the share repurchase using its existing cash balance and cash generated from operations.

What has led to the confidence in Huize's share repurchase program?

The confidence stems from previous successful share repurchase programs and the belief in Huize's long-term growth prospects.