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      Huize Holding, Ltd. (HUIZ) Stock Surged 5.50% Pre-Market, Here’s Why - Stocks Telegraph

      By Iqra Jamal

      Published on

      September 16, 2021

      11:45 AM UTC

      Huize Holding, Ltd. (HUIZ) Stock Surged 5.50% Pre-Market, Here’s Why - Stocks Telegraph

      Huize Holding, Ltd. (HUIZ) stock soared 5.50% in the pre-market trading session at the price of $2.30 despite no fresh news. The last reported news on the company’s website was its first half and second-quarter 2021 financial results. HUIZ is a digital insurance product and service company in China. It targets the young generation and serves its insurance clients for their life-long insurance needs. 

      HUIZ Reported First Half and Second Quarter 2021 Financial Results 

      On 9th September 2021, HUIZ announced its unaudited financial results for the first half, and the second quarter ended on 30th June 2021. CEO of HUIZ, Cunjun Ma, remarked that in the first half of 2021, they have achieved record highs in gross written premiums of RMB2.06 billion and operating revenue of RMB953.6 million. They have continued to develop highly desirable products by leveraging their data insights and AI technologies. With 97.1% year-over-year top-line growth and continued leadership in the market, they expect to achieve the full year 2021 revenue of RMB1.7 billion. 

      First Half 2021 Financial Results 

      GWP facilitated was RMB2.06 billion (US$319.3 million) in the first half of 2021. It represents a 72.7% increase from the same period of the previous year. HUIZ reported operating revenue of RMB953.6 million (US$147.7 million) in the first half of 2021. It is 97.1% up from RMB483.7 million in the same period of 2020. The rise in operating revenue resulted from the 72.7% increase in the total GWP facilitated. 

      HUIZ reported a net loss of RMB48.7 million (US$7.5 million) in the first half of 2021. The net loss was RMB6.0 million in the same period last year. This increased net loss was driven by higher marketing expansion and customer acquisition strategies. Cash and cash equivalents were RMB430.7 million (US$66.7 million) as of 30th June 2021. The combined balance of the company was RMB404.6 million as of 31st December 2020. 

      Second Quarter 2021 Financial Results 

      GWP facilitated was RMB668.0 million (US$103.5 million) in the second quarter of 2021. It denotes an increase of 12.1% from RMB596.0 million in the same quarter of the prior year. The reported operating revenue was RMB218.6 million (US$33.9 million) in the second quarter ended 30th June 2021. It represents a decrease of 7% from RMB235.0 million in the same quarter of 2020. The drop was primarily caused by a 5.1% decrease in FYP facilitated, which was RMB303.2 million in the second quarter of 2021. HUIZ reported net loss of RMB77.2 million (US$12.0 million) in the second quarter ended 30th June 2021.  A net loss of RMB3.7 million, reported in the same quarter of the previous year. 

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