Form 6-K





Washington, D.C. 20549







PURSUANT TO RULE 13a-16 OR 15d-16


For the month of August 2020

Commission File Number: 001-39216



Huize Holding Limited

(Registrant’s Name)



Shenzhen Animation Park, Yuehai Road, Nanhai Avenue,

Nanshan District, Shenzhen 518052

People’s Republic of China

(Address of Principal Executive Offices)



Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  ☒                 Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐









99.1    Press Release—Huize Holding Limited Reports Second Quarter 2020 Unaudited Financial Results


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Huize Holding Limited

/s/ Minghan Xiao

Name:   Minghan Xiao
Title:   Co-Chief Financial Officer

Date: August 21, 2020


Exhibit 99.1

Huize Holding Limited Reports Second Quarter 2020 Unaudited Financial Results

SHENZHEN, China, August 20, 2020 (GLOBE NEWSWIRE) – Huize Holding Limited, (“Huize”, the “Company” or “we”) (NASDAQ: HUIZ), a leading independent online insurance product and service platform in China, today announced its unaudited financial results for the three months ended June 30, 2020.

Second Quarter 2020 Operational and Financial Highlights:



Total Gross Written Premiums (“GWP”) facilitated on our platform increased by 51.0% to RMB596.0 million from RMB394.6 million in the second quarter of 2019.



GWP of long-term life and health insurance products accounted for approximately 93.0% of total GWP facilitated, compared to 82.3% in the second quarter of 2019.



Cumulative number of insurance clients served increased to approximately 6.5 million, and cumulative number of insured clients increased to approximately 54.4 million as of June 30, 2020.



Total operating revenue increased by 17.6% to RMB235.0 million (US$33.3 million) from RMB199.9 million in the second quarter of 2019.



Net loss was RMB3.7 million (US$0.5 million). Non-GAAP net profit1 was RMB14.1 million (US$2.0 million), representing the Company’s ninth consecutive profitable quarter on a non-GAAP basis.



Non-GAAP net profit is a non-GAAP financial measure. For more information, please see the section of “Use of Non-GAAP Financial Measure Statement” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.

Mr. Cunjun Ma, Founder, Chairman and Chief Executive Officer of Huize, commented, “As the global economy was severely affected by the unfortunate COVID-19 outbreak in the first half of the year, the overall development of the insurance sector in China slowed down, with a single digit growth in GWP of 6.5% year over year. Despite the challenging macro conditions, we are pleased to report solid results outpacing industry growth. During the second quarter, total GWP facilitated on our platform increased by 51.0% year over year to RMB596.0 million, of which long-term life and health GWP accounted for 93.0%, a ratio which has stayed above 90% for the past three consecutive quarters. Furthermore, we have long been committed to seeking a balance between business growth and financial stability and were able to establish strong liquidity and a healthy financial position. As of quarter end, we had a combined cash and cash equivalents balance of US$63.3 million while we also recorded our ninth consecutive profitable quarter on a non-GAAP basis.”

“As a data-driven and technology-empowered insurtech platform focused on transforming the distribution of long-term life and health insurance for the industry, we believe that the business model that we have developed and continue to optimize is the core to better serve our customers and drive customer lifetime value. In the second quarter, Huize launched AI Proposal - an innovative application utilizing artificial intelligence to automatically create personalized insurance proposals, which significantly reduced customer waiting time to just a matter of minutes. On June 16, Huize and Southwestern University of Finance and Economics announced an agreement to set up a joint laboratory to focus on the application of innovative technologies, such as big data and knowledge graph construction, in the insurance sector to enable the creation of more accurate actuarial models and further mitigation of adverse selection risks in online insurance.”

“Going forward, we will continue to invest in technology such as data analytics and machine learning to further improve our capabilities in the areas of risk management, product customization, customer experience and operating efficiency. Looking ahead into the second half of 2020, we are confident in the prospects for both the development of the company and the entire industry. As the pandemic has forced the education of the market and accelerated the offline-to-online transition in consumer behavior, we believe we are well-positioned to capture the industry sweet spot and benefit from the growing opportunities.”

Second Quarter 2020 Financial Results

Total operating revenue

Total operating revenue in the second quarter of 2020 increased by RMB35.1 million, or 17.6%, to RMB235.0 million (US$33.3 million) from RMB199.9 million in the same period of 2019. The increase in total operating revenue was primarily driven by an increase in brokerage income, which increased by 18.3% year over year to RMB234.2 million (US$33.1 million) in the second quarter of 2020. The increase in brokerage income was primarily driven by the 51.0% increase in total GWP facilitated which amounted to RMB596.0 million during the second quarter of 2020, of which first year premiums accounted for RMB319.7 million and renewal premiums accounted for RMB276.3 million.

Total operating costs

Cost of revenue in the second quarter of 2020 increased by RMB13.4 million, or 10.7%, to RMB139.8 million (US$19.8 million) from RMB126.4 million in the same period of 2019, which was primarily attributable to increased personnel costs paid to insurance consultants and service fees paid to user traffic channels.

Total operating costs in the second quarter of 2020 increased by RMB13.7 million, or 10.8%, to RMB140.5 million (US$19.9 million) from RMB126.8 million in the same period of 2019, primarily attributable to the increase in cost of revenue.

As a percentage of total operating revenue, total operating costs declined to 59.8% in the second quarter of 2020 from 63.4% in the same period of 2019.

Operating expenses

Selling expenses in the second quarter of 2020 increased by RMB14.4 million, or 42.7%, to RMB48.1 million (US$6.8 million) from RMB33.7 million in the same period of 2019. This increase was primarily attributable to increased personnel costs as we increased our headcount, an increase in share-based compensation expenses, and to a lesser extent due to an increase in advertising and marketing expenses.

General and administrative expenses in the second quarter of 2020 decreased by RMB34.8 million, or 44.5%, to RMB43.5 million (US$6.2 million) from RMB78.3 million in the same period of 2019. This decrease was primarily attributable to the decrease in share-based compensation expenses, which amounted to RMB15.5 million in the second quarter of 2020, compared to RMB61.8 million in the same period of 2019. Excluding the impact of share-based compensation expenses, general and administrative expenses in the second quarter of 2020 increased by 70.3% year over year.

Research and development expenses in the second quarter of 2020 increased by RMB3.1 million, or 41.9%, to RMB10.6 million (US$1.5 million) from RMB7.5 million in the same period of 2019, primarily attributable to increase in number of R&D personnel.

Net profit and Non-GAAP net profit for the period

Net loss in the second quarter of 2020 was RMB3.7 million (US$0.5 million), compared to a net loss of RMB40.6 million in the second quarter of 2019. Non-GAAP net profit in the second quarter of 2020 was RMB14.1 million (US$2.0 million), compared to RMB21.2 million in the second quarter of 2019.

Cash and cash equivalents

As of June 30, 2020, the combined balance of the Company’s cash and cash equivalents amounted to RMB447.3 million (US$63.3 million), compared to RMB88.1 million as of December 31, 2019. The increase was primarily due to the cash proceeds raised from the Company’s initial public offering in February 2020.

Business Outlook

Based on the Company’s preliminary assessment of the current market conditions, the Company currently expects total operating revenue for the third quarter of 2020 to be in the range of RMB310 million to RMB340 million. This forecast reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change caused by various uncertainties, including those related to the ongoing COVID-19 pandemic.

Share Repurchase Program

As of June 30, 2020, the Company had purchased an aggregate of 6,647 ADSs for a total amount of approximately US$0.04 million, under its share repurchase program pursuant to which the Company has been authorized to repurchase up to US$10 million ADSs by April 15, 2021, as previously announced on April 15, 2020.

Conference Call

The Company’s management team will hold a Direct Event conference call on Thursday, August 20, 2020, at 8:00 A.M. Eastern Time (or 8:00 P.M. Beijing Time on the same day) to discuss the financial results. Details for the conference call are as follows:


Event Title:    Huize Holding Limited’s Second Quarter 2020 Earnings Conference Call
Conference ID:    #9198616
Registration Link:

All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique access PIN, which can be used to join the conference call.

A replay of the conference call will be accessible through August 28, 2020, by dialing the following numbers:


International:    +61-2-8199-0299
Mainland China Toll Free:    400-632-2162
United States Toll Free:    +1-855-452-5696
Hong Kong, China Toll Free:    800-963-117

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at

About Huize Holding Limited

Huize Holding Limited is a leading independent online insurance product and service platform in China. Targeting the younger generation, Huize is dedicated to serving its insurance clients for their life-long insurance needs. Leveraging its online platform, Huize offers a wide variety of insurance products with a focus on long-term life and health insurance products, and empowers its insurer partners to reach a large fragmented client base in the insurance retail market efficiently and enhance their insurance sales. Huize provides insurance clients with digitalized insurance experience and services, including suitable product recommendations, consulting service, intelligent underwriting and assistance in claim application and settlement, which significantly improve transaction experience. According to the Oliver Wyman Report, Huize was the largest independent online long-term life and health insurance product and service platform in China as measured by gross written premiums, or GWP facilitated in 2018.

For more information, please visit

Use of Non-GAAP Financial Measure Statement

In evaluating our business, we consider and use non-GAAP net profit/(loss) as a supplemental measure to review and assess our operating performance. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define non-GAAP net profit/(loss) as net profit/(loss) excluding share-based compensation expenses and interest on convertible bond. Such adjustments have no impact on income tax because either the non-GAAP adjustments were recorded at entities located in tax free jurisdictions, such as the Cayman Islands or because the non-GAAP adjustments were recorded at operating entities located in the PRC for which the non-GAAP adjustments were not deductible for tax purposes.

We present the non-GAAP financial measure because it is used by our management to evaluate our operating performance and formulate business plans. Non-GAAP net profit/(loss) enables our management to assess our operating results without considering the impact of share-based compensation expenses and the interest on convertible bond. We also believe that the use of this non-GAAP financial measure facilitates investors’ assessment of our operating performance.

This non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as an analytical tool. One of the key limitations of using adjusted net profit/(loss) is that it does not reflect all items of income and expense that affect our operations. Further, the non-GAAP financial measure may differ from the non-GAAP financial information used by other companies, including peer companies, and therefore their comparability may be limited.

The non-GAAP financial measure should not be considered in isolation or construed as an alternative to net profit/(loss) or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to review the historical non-GAAP financial measure in light of the most directly comparable GAAP measure, as shown below. The non-GAAP financial measure presented here may not be comparable to similarly titled measure presented by other companies. Other companies may calculate similarly titled measures differently, limiting the usefulness of such measures when analyzing our data comparatively. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.0651 to US$1.00, the exchange rate on June 30, 2020 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about Huize’s beliefs and expectations, are forward-looking statements. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, business outlook and quotations from management in this announcement, contain forward-looking statements. Huize may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Huize’s goal and strategies; Huize’s expansion plans; Huize’s future business development, financial condition and results of operations; Huize’s expectation regarding demand for, and market acceptance of, its online insurance products; Huize’s expectations regarding its relationship with insurer partners and insurance clients and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing.

Further information regarding these and other risks is included in Huize’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Huize does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

Huize Holding Limited


Jack Wang

ICR, Inc.

Tel: +1-212-365-4862


SOURCE Huize Holding Limited

Huize Holding Limited

Unaudited Consolidated Balance Sheets

(all amounts in thousands, except for share and per share data)


     As of December 31     As of June 30  
     2019     2020  
     RMB     RMB     USD  



Current assets


Cash and cash equivalents

     88,141       447,264       63,306  

Restricted cash

     161,186       169,204       23,949  

Accounts receivable, net of allowance for doubtful accounts

     180,393       136,347       19,299  

Insurance premium receivables

     2,329       2,123       300  

Amounts due from related parties

     280       183       26  

Prepaid expense and other receivables

     29,196       34,225       4,846  










Total current assets

     461,525       789,346       111,726  










Non-current assets


Property, plant and equipment, net

     8,006       8,493       1,202  

Intangible assets, net

     1,652       1,470       208  

Deferred tax assets

     64       195       28  

Long-term investments

     23,395       24,195       3,425  

Other assets

     14,163       859       122  

Operating lease right-of-use assets

           12,677       1,794  










Total non-current assets

     47,280       47,889       6,779  










Total assets

     508,805       837,235       118,505  










Current liabilities


Short-term borrowings

     36,880       77,727       11,002  

Accounts payable

     124,441       88,293       12,497  

Insurance premium payables

     125,587       83,691       11,846  

Other payables and accrued expenses

     30,211       19,502       2,760  

Payroll and welfare payable

     43,993       47,452       6,716  

Income taxes payable

     206       1,080       153  

Operating lease liabilities

     —         8,751       1,239  

Amounts due to related parties











Total current liabilities

     361,783       326,496       46,213  










Non-current liabilities


Long-term borrowings

           2,308       327  

Deferred tax liabilities

     530       605       86  

Operating lease liabilities

           4,158       589  

Payroll and welfare payable

           5,848       828  

Other non-current liabilities

     518       102       14  

Total non-current liabilities

     1,048       13,021       1,844  










Total liabilities

     362,831       339,517       48,057  










Mezzanine equity


Series A redeemable preferred shares

     84,072       —         —    

Series B redeemable preferred shares

     261,272       —         —    

Series B+ redeemable preferred shares

     81,654       —         —    

Series B++ redeemable preferred shares

     27,629       —         —    










Total mezzanine equity

     454,627       —         —    










Shareholders’ (deficit)/equity


Common shares

     33       —         —    

Class A common shares

     —         62       9  

Class B common shares

     —         10       1  

Treasury stock

     —         (319     (45

Additional paid-in capital

     64,882       874,063       123,716  

Accumulated other comprehensive income

     414       3,909       553  

Accumulated deficit

     (373,982     (380,007     (53,786

Total shareholders’ (deficit)/equity

     (308,653     497,718       70,448  










Total liabilities, mezzanine equity and shareholders’ equity

     508,805       837,235       118,505  










Huize Holding Limited

Unaudited Consolidated Statements of Comprehensive Income

(all amounts in thousands, except for share and per share data)


     For the Three Months Ended June 30,     For the Six Months Ended June 30,  
     2019     2020     2019     2020  
     RMB     RMB     USD     RMB     RMB     USD  

Operating revenue


Brokerage income

     197,951       234,177       33,146       447,954       481,866       68,204  

Other income

     1,945       828       117       3,512       1,832       259  



















Total operating revenue

     199,896       235,005       33,263       451,466       483,698       68,463  



















Operating costs and expenses


Cost of revenue

     (126,368     (139,849     (19,795     (280,312     (287,645     (40,714

Other cost

     (414     (616     (87     (815     (1,535     (217



















Total operating costs

     (126,782     (140,465     (19,882     (281,127     (289,180     (40,931



















Selling expenses

     (33,724     (48,118     (6,811     (62,649     (101,072     (14,306

General and administrative expenses

     (78,286     (43,476     (6,154     (96,635     (82,463     (11,672

Research and development expenses

     (7,491     (10,627     (1,504     (13,905     (21,814     (3,088

Total operating costs and expenses

     (246,283     (242,686     (34,351     (454,316     (494,529     (69,997



















Operating loss

     (46,387     (7,681     (1,088     (2,850     (10,831     (1,534



















Other income/(expenses)


Interest expenses

     (118     (206     (29     (262     (619     (88

Unrealized exchange (loss) /income

     —         (5     (1     369       (38     (5

Others, net

     5,817       4,897       693       9,319       5,983       847  



















(Loss)/profit before income tax, and share of income of equity method investee

     (40,688     (2,995     (425     6,576       (5,505     (780



















Income tax expense

     (112     (731     (103     (144     (819     (116

Share of income/ (loss) of equity method investee

     179       —         —         (23     299       42  



















Net (loss)/profit/

     (40,621     (3,726     (528     6,409       (6,025     (854



















Net profit attributable to non-controlling interests

     78       —         —         91       —         —    

Net (loss)/profit attributable to Huize Holding Limited

     (40,699     (3,726     (528     6,318       (6,025     (854

Redeemable preferred shares redemption value accretion

     (7,325     —         —         (15,108     (4,274     (605

Allocation to redeemable preferred shares

     20,458       —         —         (3,176     1,074       152  



















Net loss attributable to common shareholders

     (27,566     (3,726     (528     (11,966     (9,225     (1,307



















Net (loss)/profit

     (40,621     (3,726     (528     6,409       (6,025     (854

Foreign currency translation adjustment, net of tax

     58       (1,028     (146     4       3,495       495  



















Comprehensive (loss)/income

     (40,563     (4,754     (674     6,413       (2,530     (359



















Comprehensive income attributable to non- controlling interests

     94       —         —         94       —         —    



















Comprehensive (loss)/income attributable to Huize Holding Limited

     (40,657     (4,754     (674     6,319       (2,530     (359



















Weighted average number of common shares used in computing net profit/(loss)per share


Basic and diluted

     445,428,365       1,015,971,202       1,015,971,202       452,445,068       904,708,668       904,708,668  

Net loss per share attributable to common shareholders


Basic and diluted

     (0.06     (0.00     (0.00     (0.04     (0.01     (0.00

Huize Holding Limited

Unaudited Reconciliations of GAAP and Non-GAAP Results

(all amounts in thousands, except for share and per share data)


     For the Three Months Ended June 30,     For the Six Months Ended June 30,  
     2019     2020     2019      2020  
     RMB     RMB     USD     RMB      RMB     USD  

Net (loss)/profit

     (40,621     (3,726     (528     6,409        (6,025     (854

Share-based compensation expenses

     61,832       17,828       2,523       67,774        42,326       5,991  



















Non-GAAP net profit

     21,211       14,102       1,995       74,183        36,301       5,137