Huize rises on deal to buy Shengs Life & General

Huize Holding

24/09/2021 15:52

** Digital insurance product and service platform Huize
Holding Ltd's  HUIZ.O  shares up as much as 6.2% at $2.3 in
early trading
    ** Co to acquire a controlling equity interest in Hubei
Shengs Life & General Insurance Agency Co Ltd, a regional
insurance agency groups dedicated to distributing life and
health insurance products  urn:newsml:reuters.com:*:nGNXb0XsPy
    ** Shengs Life & General will undergo a series of
restructuring so as to become a wholly owned subsidiary of a
group co - HUIZ
    ** Zhixuan Investment, co's wholly owned unit, will acquire
a total of 56.19% equity interest in Shengs Group for a share
purchase price of about 42.68 million yuan ($6.60 million) in
cash, together with a capital injection of 15 million yuan 
($2.32 million)
    ** The transaction is expected to complete by the end of
2021
    ** Stock down ~68% YTD


($1 = 6.4620 Chinese yuan renminbi)

 (Reporting by Sahil Shaw in Bengaluru)
 ((sahil.shaw@thomsonreuters.com))