Sunshine Insurance sprints to the tenth listed insurance company and strives to build a domestic first-class insurance brand.

The domestic insurance industry is farther away from welcoming the tenth listed insurance company.

65438+1On October 25th, Sunshine Insurance Group Co., Ltd. (hereinafter referred to as Sunshine Insurance) submitted the form to HKEx for the second time, and the co-organizers were Huatai International, CICC, UBS Group AG AG and CCB International. Previously, it submitted the form to HKEx for the first time on April 19, 2009.

Previously, China Securities Regulatory Commission approved Sunshine Insurance to issue no more than 3.968 billion overseas listed foreign shares on June 10 and June 14. After the completion of this issuance, Sunshine Insurance can be listed on the main board of the Hong Kong Stock Exchange.

Domestic insurance companies have not added new listing entities for more than five years, and the listing of Sunshine Insurance has attracted much attention.

Sprint the tenth listed insurance company

According to the relevant regulations, a company applying for overseas stock issuance may, after receiving the acceptance notice from the China Securities Regulatory Commission, submit a preliminary application for issuance and listing to overseas securities regulatory agencies or exchanges; After receiving the approval document of administrative license from China Securities Regulatory Commission, you can submit a formal listing application to overseas securities regulatory agencies or exchanges.

At present, Sunshine Insurance has received the approval document of administrative license from China Securities Regulatory Commission. Sunshine Insurance submitted its overseas IPO application to China Securities Regulatory Commission in early April this year, which was accepted on April 13, and submitted the form to HKEx on the evening of April 19. In terms of domestic procedures, a written feedback was received from the CSRC on April 22nd, and a written reply was received from the CSRC on June 5438+1October 65438+March. 10 On June 45438+04, China Securities Regulatory Commission approved Sunshine Insurance to issue no more than 3.968 billion shares (3968025500 shares) for overseas listing. After this issuance, Sunshine Insurance can be listed on the main board of the Hong Kong Stock Exchange.

Up to now, the listing process of Sunshine Insurance is generally in line with expectations. After Sunshine Insurance submitted its application for listing in April, a Hong Kong market investment banker told the China Journal that the listing process of each company is different. If successful, the submission of materials is expected to make progress in the process after half a year. The investment banker analyzed that the investor sentiment and the valuation of the insurance sector in Hong Kong market are at a low point at this stage, and the fundraising and valuation of Sunshine Insurance ultimately depend on the market environment at the time of issuance.

A researcher in financial stocks of an asset management company told China, a securities broker, that the valuation of an insurance company is related to factors such as industry fundamentals and the operating performance prospects of the target company. When the industry prospects are good, there will be some innovative points, but when the industry fundamentals are weak, we should pay more attention to "dry goods", that is, hard performance indicators.

Because there are few listed insurance companies in China, there is still a certain "scarcity", and there are no new listed insurance companies for many years, so the listing action of insurance companies has attracted much attention. At present, there are still two insurance companies that are still pushing for listing. In addition to Sunshine Insurance, Guoyuan Agricultural Insurance is also applying for A-share listing. If no other insurance company starts the listing procedure, Sunshine Insurance and Guoyuan Agricultural Insurance will be the first domestic insurance company to go public 10.

From the perspective of domestic insurance industry, there are only nine listed insurance companies at present. Among them, five large insurance institutions are listed in A and H, including China PICC, China Life Insurance, China Ping An, China Pacific Insurance (listed in three places) and Xinhua Life Insurance; Four insurance companies are listed in H shares, including China Taiping, PICC P&C Insurance (China P&C Insurance), China Reinsurance and Zhongan Insurance (Zhongan Online). Since Zhongan Insurance landed on the Hong Kong Stock Exchange in September, 2065438+2007, domestic insurance companies have not added new listed entities for more than five years.

Total assets exceed 470 billion.

Sunshine Insurance, established in 2005, is one of the China 13 insurance groups (holding companies). Its main businesses include life insurance, property insurance and asset management. Its insurance business sector is balanced, property insurance and life insurance business are in the forefront among unlisted insurance companies, and the market-oriented style of asset management business is outstanding.

From the development point of view, Sunshine Insurance, which started as a property insurance business, completed the group formation in less than three years and became the seventh largest insurance group in China at that time. Sunshine Property Insurance achieved profitability in less than two years, and Sunshine Life Insurance achieved profitability in six years, and both of them maintained sustained profitability.

The updated prospectus of Sunshine Insurance provides the latest information for the outside world to understand its performance quality. In the first half of 2022, Sunshine Insurance realized a total premium income of 62.952 billion yuan, and the net profit attributable to shareholders of the parent company was 65.438+72.7 billion yuan. Among them, life insurance premium income reached 42.058 billion yuan, and property insurance premium income reached 20.894 billion yuan. As of June 30, 2022, the total assets of Sunshine Insurance were 473.637 billion yuan, and that of embedded value was 92.924 billion yuan.

In terms of asset management business, as of June 30, 2022, the total scale of entrusted investment assets of Sunshine Asset Management increased to 769.45 billion yuan, of which the scale of entrusted assets managed by third parties reached 429.3 billion yuan.

There is also an industry view that from the current valuation of insurance stocks, Sunshine Insurance, which is sprinting for IPO, will test its own brand building and the company's long-term development plan in the future.

According to the prospectus, in the future, Sunshine Insurance will strengthen channel specialization, strengthen data technology capabilities, accelerate the transformation of digital operations, and strive to build a domestic first-class insurance brand.

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