Form 6-K





Washington, D.C. 20549







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


For the month of November 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):  ☐






Exhibit No.



99.1    Press Release—Huize Holding Limited Reports Third 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
By   :  

/s/ Ronald Tam

Name   :   Ronald Tam
Title   :   Co-Chief Financial Officer

Date: November 20, 2020


Exhibit 99.1

Huize Holding Limited Reports Third Quarter 2020 Unaudited Financial Results

SHENZHEN, China, November 19, 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 September 30, 2020.

Third Quarter 2020 Operational and Financial Highlights:



Total Gross Written Premiums (“GWP”) facilitated on our platform increased by 41.2% to a record quarterly high of RMB779.0 million, compared to RMB551.8 million in the third quarter of 2019.



Total operating revenue increased by 22.9% to a record quarterly high of RMB348.5 million (US$51.3 million), compared to RMB283.6 million in the third quarter of 2019.



GWP of long-term life and health insurance products accounted for approximately 92.9% of total GWP facilitated, compared to 87.5% in the third quarter of 2019.



Cumulative number of insurance clients served was approximately 6.7 million, and cumulative number of insured clients was approximately 56.0 million as of September 30, 2020.



Net profit was RMB14.7 million (US$2.2 million). Non-GAAP net profit1 was RMB20.4 million (US$3.0 million).



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 China gradually recovers from the COVID-19 epidemic, the year-over-year growth rate of per capita disposable income in China reversed from negative to positive in the third quarter of 2020. At the same time, we continued to observe a steady increase of people’s insurance awareness, as well as increasing adoption of online purchase of insurance products by consumers. In line with this trend and the ongoing revitalization of the broader economy, we achieved robust year-over-year growth and record highs for both total GWP facilitated and total operating revenue in the third quarter. Moreover, we continued to deliver solid execution through the third quarter and generated positive cash flow from operations, achieving a net profit of RMB14.7 million and a non-GAAP net profit of RMB20.4 million. Such solid financial results further demonstrates the viability of our business model and our strategic focus on developing first-rate digital capabilities in providing quality long-term insurance solutions to our users.”

“We also continued to gain recognition for our industry leadership during the third quarter. In September, we were included in Hurun’s ‘China Digital Insurance Agencies 2020’ list, wherein we were ranked fourth in terms of market performance and innovation capabilities. Moreover, in September, our critical illness insurance product, ‘Darwin 3,’ won the ‘Popular Health Insurance Product of 2020’ award, marking the sixth time that our ‘Darwin’ critical illness series of insurance products has won such an industry award.”

“Looking ahead, as many of the insurance clients we have served come from families in first and second tier cities with high customer lifetime value potential, we will be rolling out offline service centers in select first and second tier cities in order to better serve their differentiated demands for higher-quality products and premium insurance services.”

“Over the next three years, we will take the opportunity to invest in a comprehensive strategic upgrade for the core Huize platform as we evolve into the post-COVID era where consumers demand further innovation in insurance products and digital transformation of the insurance purchase and service experience, by targeting to build an insurance product and service cloud platform incorporating core technologies such as cloud computing, big data analytics and artificial intelligence. We envisage the upgraded platform will accelerate the integration of online and offline channels, further empower upstream and downstream partners in our ecosystem with data and technology, and ultimately enable the industry as a whole to reach insurance clients in all scenarios and provide them with a fuller range of personalized insurance products and services throughout their entire life cycle more efficiently.”

Third Quarter 2020 Financial Results

Total operating revenue

Total operating revenue in the third quarter of 2020 increased by RMB64.9 million, or 22.9%, to RMB348.5 million (US$51.3 million) from RMB283.6 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 23.6% year over year to RMB346.8 million (US$51.1 million) in the third quarter of 2020. The increase in brokerage income was primarily driven by the 41.2% increase in total GWP facilitated, which amounted to RMB779.0 million during the third quarter of 2020, of which first year premiums accounted for RMB358.1 million and renewal premiums accounted for RMB420.9 million.

Total operating costs

Cost of revenue in the third quarter of 2020 increased by RMB45.4 million, or 24.0%, to RMB234.7 million (US$34.6 million) from RMB189.3 million in the same period of 2019, which was primarily attributable to increased service fees paid to user traffic channels.

Total operating costs in the third quarter of 2020 increased by RMB45.5 million, or 24.0%, to RMB235.3 million (US$34.7 million) from RMB189.8 million in the same period of 2019, primarily attributable to the increase in cost of revenue.

Operating expenses

Selling expenses in the third quarter of 2020 increased by RMB17.7 million, or 43.9%, to RMB57.9 million (US$8.5 million) from RMB40.2 million in the same period of 2019. This increase was primarily attributable to increased advertising and marketing expenses, an increase in personnel costs as the Company increased its headcount, and, to a lesser extent, an increase in share-based compensation expenses.

General and administrative expenses in the third quarter of 2020 decreased by RMB0.1 million, or 0.6%, to RMB30.5 million (US$4.5 million) from RMB30.6 million in the same period of 2019. This decrease was primarily attributable to the decrease in share-based compensation expenses, which amounted to RMB2.8 million in the third quarter of 2020, compared to RMB10.5 million in the same period of 2019. Excluding the impact of share-based compensation expenses, general and administrative expenses in the third quarter of 2020 increased by 37.1% year over year, primarily due to an increase in general and administrative headcount.

Research and development expenses in the third quarter of 2020 increased by RMB3.4 million, or 41.7%, to RMB11.5 million (US$1.7 million) from RMB8.1 million in the same period of 2019, primarily attributable to an increase in the number of R&D personnel.

Net profit and Non-GAAP net profit for the period

Net profit in the third quarter of 2020 was RMB14.7 million (US$2.2 million), compared to a net profit of RMB16.1 million in the third quarter of 2019. Non-GAAP net profit in the third quarter of 2020 was RMB20.4 million (US$3.0 million), compared to RMB29.7 million in the third quarter of 2019.

Cash and cash equivalents

As of September 30, 2020, the combined balance of the Company’s cash and cash equivalents amounted to RMB446.1 million (US$65.7 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 fourth quarter of 2020 to be in the range of RMB330 million to RMB350 million. This forecast reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change as a result of various market uncertainties, including those related to the continued outbreak of COVID-19 globally.

Share Repurchase Program

As of September 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, November 19, 2020, at 7:00 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 Third Quarter 2020 Earnings Conference Call
Conference ID:    #3687648
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 November 27, 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.

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 RMB6.7896 to US$1.00, the exchange rate on September 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:

Investor Relations

Harriet Hu

Investor Relations Director

+852 3180 9207

Media Relations

Huize Holding Limited

Unaudited Consolidated Balance Sheets

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


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



Current assets


Cash and cash equivalents

     88,141       446,068       65,699  

Restricted cash

     161,186       255,807       37,676  

Accounts receivable, net of allowance for doubtful accounts

     180,393       195,590       28,807  

Insurance premium receivables

     2,329       2,051       302  

Amounts due from related parties

     280       169       25  

Prepaid expense and other receivables

     29,196       39,162       5,767  










Total current assets

     461,525       938,847       138,276  










Non-current assets


Property, plant and equipment, net

     8,006       8,511       1,254  

Intangible assets, net

     1,652       2,158       318  

Deferred tax assets

     64       194       29  

Long-term investments

     23,395       25,353       3,734  

Other assets

     14,163       1,862       274  

Operating lease right-of-use assets

     —         10,517       1,549  










Total non-current assets

     47,280       48,595       7,158  










Total assets

     508,805       987,442       145,434  










Current liabilities


Short-term borrowings

     36,880       72,000       10,604  

Accounts payable

     124,441       163,749       24,118  

Insurance premium payables

     125,587       115,659       17,035  

Other payables and accrued expenses

     30,211       20,260       2,984  

Payroll and welfare payable

     43,993       51,822       7,633  

Income taxes payable

     206       2,874       423  

Operating lease liabilities

     —         7,854       1,157  

Amounts due to related parties

     465       —         —    










Total current liabilities

     361,783       434,218       63,954  










Non-current liabilities


Long-term borrowings

     —         40,000       5,891  

Deferred tax liabilities

     530       605       89  

Operating lease liabilities

     —         2,742       404  

Payroll and welfare payable

     —         5,335       786  

Other non-current liabilities

     518       —         —    

Total non-current liabilities

     1,048       48,682       7,170  










Total liabilities

     362,831       482,900       71,124  










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     (47

Additional paid-in capital

     64,882       879,310       129,508  

Accumulated other comprehensive income

     414       (9,208     (1,356

Accumulated deficit

     (373,982     (365,313     (53,805

Total shareholders’ (deficit)/equity

     (308,653     504,542       74,310  










Total liabilities, mezzanine equity and shareholders’ equity

     508,805       987,442       145,434  










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 September 30,     For the Nine Months Ended September 30,  
     2019     2020     2019     2020  
     RMB     RMB     USD     RMB     RMB     USD  

Operating revenue


Brokerage income

     280,563       346,773       51,074       728,517       828,639       122,045  

Other income

     3,027       1,677       247       6,539       3,509       517  



















Total operating revenue

     283,590       348,450       51,321       735,056       832,148       122,562  



















Operating costs and expenses


Cost of revenue

     (189,306     (234,658     (34,561     (469,618     (522,303     (76,927

Other cost

     (499     (649     (96     (1,314     (2,184     (322



















Total operating costs

     (189,805     (235,307     (34,657     (470,932     (524,487     (77,249



















Selling expenses

     (40,201     (57,857     (8,521     (102,850     (158,929     (23,408

General and administrative expenses

     (30,649     (30,475     (4,488     (127,284     (112,938     (16,634

Research and development expenses

     (8,101     (11,478     (1,691     (22,006     (33,292     (4,903

Total operating costs and expenses

     (268,756     (335,117     (49,357     (723,072     (829,646     (122,194



















Operating income

     14,834       13,333       1,964       11,984       2,502       368  



















Other income


Interest expenses

     (3     (193     (28     (265     (812     (120

Unrealized exchange

(loss) /income

     (4     —         —         365       (38     (6

Investment income

     675       137       20       675       137       20  

Others, net

     901       3,278       483       10,220       9,261       1,365  



















Profit before income tax, and share of income of equity method investee

     16,403       16,555       2,439       22,979       11,050       1,627  



















Income tax expense

     (232     (1,794     (264     (376     (2,613     (385

Share of (loss)/income of equity method investee

     (67     (67     (10     (90     232       34  



















Net profit

     16,104       14,694       2,165       22,513       8,669       1,276  



















Net (loss)/profit attributable to non-controlling interests

     (25     —         —         66       —         —    

Net profit attributable to Huize Holding Limited

     16,129       14,694       2,165       22,447       8,669       1,276  

Redeemable preferred shares redemption value accretion

     (7,868     —         —         (22,976     (4,274     (629

Allocation to redeemable preferred shares

     (7,981     —         —         (11,157     1,074       158  



















Net profit/(loss) attributable to common shareholders

     280       14,694       2,165       (11,686     5,469       805  



















Net profit

     16,104       14,694       2,165       22,513       8,669       1,276  

Foreign currency translation adjustment, net of tax

     112       (13,117     (1,932     116       (9,622     (1,417



















Comprehensive income/(loss)

     16,216       1,577       233       22,629       (953     (141



















Comprehensive (loss)/income attributable to non- controlling interests

     (7     —         —         87       —         —    



















Comprehensive income/(loss) attributable to Huize Holding Limited

     16,223       1,577       233       22,542       (953     (141



















Weighted average number of common shares used in computing net profit per share



     459,501,183       1,021,608,313       1,021,608,313       459,501,183       943,959,644       943,959,644  


     459,501,183       1,029,852,116       1,029,852,116       459,501,183       951,064,828       951,064,828  

Net income/(loss) per share attributable to common shareholders



     0.00       0.01       0.00       (0.03     0.01       0.00  


     0.00       0.01       0.00       (0.03     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
September 30,
     For the Nine Months Ended
September 30,
     2019      2020      2019      2020  
     RMB      RMB      USD      RMB      RMB      USD  

Net profit

     16,104        14,694        2,165        22,513        8,669        1,276  

Share-based compensation expenses

     13,567        5,719        842        81,341        48,045        7,076  



















Non-GAAP net profit

     29,671        20,413        3,007        103,854        56,714        8,352