Benzinga | Dec 17, 2021 05:50AM EST

Huize to Acquire Nationwide Insurance Agency Senhao for HUIZ), a leading digital insurance product and service platform for new generation consumers in China, today announced that the Group, through a wholly-owned subsidiary of the Group's consolidated variable interest entity, has entered into a definitive agreement to acquire 100% equity interest in Shanghai Senhao Insurance Agency Co., Ltd. ("Senhao Insurance Agency"), a nationwide professional insurance agency company with business networks in 11 provincial areas in China.

Pursuant to the definitive agreement, the Group has agreed to acquire 100% equity interest in Senhao Insurance Agency at a consideration of approximately RMB29.8 million, subject to adjustment on appraised net asset value as at the valuation date. The transaction is expected to complete in the first quarter of 2022, subject to the satisfaction of customary conditions precedent.

Founded in 2015, Senhao Insurance Agency holds the license issued by the CBIRC to operate its insurance agency business nationwide, with a business network of 18 regional sales and service centers across 11 provincial areas to engage with insurance clients.

Cunjun Ma, Chairman and Chief Executive Officer of Huize, commented, "The acquisition of Senhao Insurance Agency represents another milestone in accelerating the execution of our online-to-offline integration strategy. We expect the acquisition of Senhao Insurance Agency to significantly strengthen our offline presence nationwide and reinforce our differentiated competitive edge in service capabilities by facilitating seamless online and offline operations simultaneously, thereby creating value for our customers with a wider range of insurance products and services across all scenarios."