Huize Provides Update on its Status under the Holding Foreign Companies Accountable Act
Huize Holding Limited (NASDAQ: HUIZ), a digital insurance platform in China, announced it was identified by the SEC under the Holding Foreign Companies Accountable Act on May 4, 2022. This identification is due to the use of an auditor whose working papers cannot be fully inspected by the PCAOB. Should this situation persist for three consecutive years, Huize's shares may face trading prohibition in the U.S. The Company is actively exploring solutions to safeguard stakeholder interests and is committed to complying with relevant regulations.
- None.
- Identification by the SEC under the HFCAA may lead to trading prohibition if unresolved for three years.
- Use of an auditor whose working papers cannot be inspected raises concerns about financial transparency.
SHENZHEN, China, May 05, 2022 (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 the Company is aware of the fact that it was identified by the United States Securities and Exchange Commission (the “SEC”) under the Holding Foreign Companies Accountable Act of the United States (the “HFCAA”) on May 4, 2022. Such identification may have resulted from the Company’s filing of the annual report on Form 20-F for the fiscal year ended December 31, 2021.
The Company understands that the SEC made such identification pursuant to the HFCAA and its implementation rules issued thereunder. This indicates that the SEC has determined the Company used an auditor, whose working paper cannot be inspected or investigated completely by the Public Company Accounting Oversight Board of the United States (the “PCAOB”), to issue the audit opinion for the Company’s financial statements for the fiscal year ended December 31, 2021.
In accordance with the HFCAA, the SEC shall prohibit a company’s shares or American depositary shares from being traded on a U.S. stock exchange or in the over-the-counter trading market in the United States if such company has been identified by the SEC for three consecutive years due to PCAOB’s inability to inspect the auditor working paper related to such company.
The Company has been actively exploring possible solutions to best protect the interest of its stakeholders. The Company will continue to comply with applicable laws and regulations in both China and the U.S.
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.
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, business outlook and quotations from management 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 the 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; 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. Jasmine Zhu
Phone: +852 2117 0861
Email: jasminezhu@christensenir.com
In U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
FAQ
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