Huize Holding Ltd Files 20-F Annual Report

TL;DR

<b>Huize Holding Ltd filed its 20-F annual report detailing financial performance and asset changes for the fiscal year ending December 31, 2023.</b>

AI Summary

Huize Holding Ltd (HUIZ) filed a Foreign Annual Report (20-F) with the SEC on April 19, 2024. Depreciation expenses were RMB6,474 in 2021, RMB17,319 in 2022, and RMB12,413 in 2023. Amortization expenses were RMB950 in 2021, RMB1,201 in 2022, and RMB1,227 in 2023. Recognized impairment loss of RMB720 on insurance agency license and RMB1,230 on insurance brokerage license in 2023. Disposal of a subsidiary in 2023 decreased insurance agency license by RMB4,333. Acquisition of a subsidiary in 2023 increased insurance brokerage license by RMB3,879.

Why It Matters

For investors and stakeholders tracking Huize Holding Ltd, this filing contains several important signals. The company reported significant impairment losses on intangible assets (insurance licenses) in 2023, indicating a potential shift in business strategy or asset valuation. Changes in intangible assets due to subsidiary disposal and acquisition highlight ongoing corporate restructuring and strategic adjustments.

Risk Assessment

Risk Level: medium — Huize Holding Ltd shows moderate risk based on this filing. The company recognized substantial impairment losses on its insurance agency and brokerage licenses in 2023, totaling RMB1,950, suggesting potential overvaluation or a change in the expected future economic benefits of these assets.

Analyst Insight

Investors should closely monitor Huize's strategy regarding its insurance licenses and the impact of subsidiary acquisitions/disposals on future revenue streams.

Key Numbers

• RMB12,413 — Depreciation Expenses (2023) (Year ended December 31, 2023)
• RMB1,227 — Amortization Expenses (2023) (Year ended December 31, 2023)
• RMB720 — Impairment Loss - Insurance Agency License (2023) (Year ended December 31, 2023)
• RMB1,230 — Impairment Loss - Insurance Brokerage License (2023) (Year ended December 31, 2023)
• RMB4,333 — Decrease in Insurance Agency License (2023) (Due to subsidiary disposal)
• RMB3,879 — Increase in Insurance Brokerage License (2023) (Due to subsidiary acquisition)

Key Players & Entities

• Huize Holding Ltd (company) — Filer of the 20-F report
• RMB6,474 (dollar_amount) — Depreciation expenses for 2021
• RMB17,319 (dollar_amount) — Depreciation expenses for 2022
• RMB12,413 (dollar_amount) — Depreciation expenses for 2023
• RMB4,333 (dollar_amount) — Decrease in insurance agency license due to subsidiary disposal in 2023
• RMB3,879 (dollar_amount) — Increase in insurance brokerage license due to subsidiary acquisition in 2023
• RMB720 (dollar_amount) — Impairment loss on insurance agency license in 2023
• RMB1,230 (dollar_amount) — Impairment loss on insurance brokerage license in 2023

FAQ

Risk Factors

• Impairment of Intangible Assets [medium — financial]: The company recognized significant impairment losses on insurance agency and brokerage licenses in 2023 due to changes in business plans and fair value assessments.
• Subsidiary Acquisitions and Disposals [medium — operational]: Transactions involving the disposal and acquisition of subsidiaries in 2023 led to changes in the carrying amounts of intangible assets.

Key Financial Figures

• $0.00001 — g 20 Class A common shares, par value US$0.00001 per share) Class A common shares, par v
• $ — re to the legal currency of China; "US$," "U.S. dollars," "$," and "dollars" ar
• $1 — rt are made at a rate of RMB7.0999 to US$1.00, the exchange rate in effect as of D

Filing Documents

• d690189d20f.htm (20-F) — 4726KB
• d690189dex81.htm (EX-8.1) — 7KB
• d690189dex121.htm (EX-12.1) — 7KB
• d690189dex122.htm (EX-12.2) — 7KB
• d690189dex123.htm (EX-12.3) — 7KB
• d690189dex131.htm (EX-13.1) — 3KB
• d690189dex132.htm (EX-13.2) — 3KB
• d690189dex133.htm (EX-13.3) — 3KB
• d690189dex151.htm (EX-15.1) — 2KB
• d690189dex152.htm (EX-15.2) — 5KB
• d690189dex971.htm (EX-97.1) — 27KB
• g690189dsp009.jpg (GRAPHIC) — 126KB
• g690189dsp103.jpg (GRAPHIC) — 126KB
• g690189g44k32.jpg (GRAPHIC) — 5KB
• 0001193125-24-101610.txt (&nbsp;) — 18621KB
• huiz-20231231.xsd (EX-101.SCH) — 95KB
• huiz-20231231_cal.xml (EX-101.CAL) — 101KB
• huiz-20231231_def.xml (EX-101.DEF) — 522KB
• huiz-20231231_lab.xml (EX-101.LAB) — 738KB
• huiz-20231231_pre.xml (EX-101.PRE) — 722KB
• d690189d20f_htm.xml (XML) — 3359KB

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 142 Item 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 142 PART II 145 Item 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 145 Item 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS MATERIAL 145 Item 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 145 Item 16. [RESERVED] 147 Item 16.A. AUDIT COMMITTEE FINANCIAL EXPERT 147 Item 16.B. CODE OF ETHICS 147 Item 16.C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 147 Item 16.D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 147 Item 16.E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 147 Item 16.F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 148 Item 16.G. CORPORATE GOVERNANCE 148 Item 16.H. MINE SAFETY DISCLOSURE 149 Item 16.I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 149 Item 16.J. INSIDER TRADING POLICY 149 Item 16.K. CYBERSECURITY 149 PART III 151 Item 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 151 Item 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 151 Item 19. EXHIBITS 151

SIGNATURES

SIGNATURES 153 i Table of Contents INTRODUCTION In this annual report on Form 20-F, or this annual report, except where the context otherwise requires and for purposes of this annual report only: "ADRs" are to the American depositary receipts which may evidence the ADSs; "ADSs" are to the American depositary shares, each of which represents 20 Class A common shares; "China" or the "PRC" are to the People's Republic of China, excluding, for the purposes of this annual report only, Hong Kong, Macau and Taiwan; "Class A common shares" are to our Class A common shares, par value $0.00001 per share, carrying one vote per share; "Class B common shares" are to our Class B common shares, par value $0.00001 per share, carrying 15 votes per share; "common shares" are to our Class A common shares and/or our Class B common shares, par value US$0.00001 per share, as the context may require; "GWP" are to gross written premiums, which include first year premiums and renewal premiums where applicable; "insurer partners" are to the insurance companies we work with who underwrite insurance products on our platform; "insurance clients" are to purchasers of insurance products we distribute through our platform; for travel insurance products, travel agencies usually purchase policies for multiple individuals, and we count each purchasing travel agency as an insurance client, and each such individual protected by any single policy as an insured; "insured" are to individuals that are insured under insurance policies; "our WFOE" are to Zhixuan International Management Consulting (Shenzhen) Co., Ltd.; "RMB" and "Renminbi" are to the legal currency of China; "US$," "U.S. dollars," "$," and "dollars" are to the legal currency of the United States; "VIE" are to Shenzhen Huiye Tianze Investment Holding Co., Ltd.; and "Huize," "we," "us," "our company" and "our" are to Huize Holding Limited, our Cayman Islands holding company and where the context may requ

View Full Filing

View this 20-F filing on SEC EDGAR