Huize's Poni Insurtech Expands Footprint with Global Care Deal
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Huize Holding Limited Enhances Insurtech Presence in Vietnam
SHENZHEN, China — Huize Holding Limited (NASDAQ: HUIZ), a prominent insurance technology platform, has recently announced that its international arm, Poni Insurtech, has successfully acquired a controlling stake in Global Care Consulting Joint Stock Company. This acquisition represents a significant step in Huize's strategy to expand its digital insurance solutions throughout Asia, particularly in high-growth markets like Vietnam.
Details of the Acquisition
Poni Insurtech has secured a 71.7% ownership in Global Care, a leading company in Vietnam specializing in digital transformation within the insurance sector. The acquisition was finalized through a mix of existing share purchases and the issuance of new shares. Notably, VinaCapital Ventures, a leader in technology investments, received newly created class A common shares of Huize, equating to about 1.7% of Huize's fully diluted share capital, with half of these shares locked for one year.
Strategic Implications
With this transaction, Global Care has officially become a majority-owned subsidiary of Huize, meaning its financial results will now be integrated into Huize's consolidated financial statements. Ron Tam, Co-Chief Financial Officer at Huize, expressed confidence that Global Care would play a vital role in accelerating market growth in Vietnam, highlighting plans for innovative insurance product development and partnerships in distribution. This acquisition strengthens Huize's position in the burgeoning digital insurance ecosystem of Vietnam, enhancing collaboration with local resources to drive success.
Vision for Future Growth
Dinh Thi Ngoc Niem, the Founder and Chief Executive Officer of Global Care, stated that this partnership marks the beginning of an exciting new phase for the company. By joining Poni Insurtech, Global Care expects to access advanced technologies and expertise that are integral to their long-term success. Together, they aim to enhance their offerings and expand their market share in Vietnam's rapidly changing insurance landscape.
About Global Care and Its Impact
Founded in 2017, Global Care is influential in Vietnam’s insurtech sector, helping insurers digitize their sales processes and policy management. With a wide array of cloud-based API solutions and mobile applications, Global Care connects insurers to various merchants and distribution channels, including popular e-commerce platforms. In the past year, Global Care has seen impressive growth, facilitating over 13.5 million policies and quadrupling its revenue annually while registering a significant increase in user engagement.
Huize Holding's Commitment
Huize Holding Limited continues to lead in digital insurance technologies across Asia, committing to offering consumers a comprehensive range of lifelong insurance products. By integrating AI, data analytics, and other digital solutions, Huize creates an advanced ecosystem that meets diverse consumer needs efficiently and effectively. This recent acquisition deepens Huize's dedication to bringing innovative insurance solutions to market, particularly targeting mass affluent consumers.
Frequently Asked Questions
What did Huize acquire?
Huize acquired a 71.7% stake in Global Care, a leading insurtech company in Vietnam.
How does this acquisition affect Huize's operations?
Global Care’s results will be consolidated with Huize's, enhancing its market presence and growth strategy in Vietnam.
What is Global Care known for?
Global Care specializes in digital solutions for the insurance industry, helping insurers streamline their sales and operations.
How will this acquisition benefit customers?
The partnership aims to enhance insurance offerings and improve access to innovative products for customers in Vietnam.
Who is leading the corporate strategy for this acquisition?
Ron Tam, Co-Chief Financial Officer of Huize, is overseeing the integration and growth strategy related to Global Care.
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