Huize at Sidoti Micro Cap Virtual Conference: AI Drives Expansion

On Thursday, 21 August 2025, Huize Holding Ltd (NASDAQ:HUIZ) presented at the Sidoti Micro Cap Virtual Conference, offering insights into its strategic initiatives and financial health. The company is leveraging artificial intelligence to enhance operations and is expanding into international markets, although these efforts impact short-term profitability. Despite challenges, Huize remains a key player in the insurtech sector.

Key Takeaways

• Huize is a top five player in China’s independent online life and health insurance distribution market, holding a 5% market share.
• The company aims to generate 30% of its revenue from international markets by the end of 2023.
• AI integration has improved employee productivity fivefold from 2019 to 2024.
• Huize’s cash reserves exceed its market capitalization, highlighting potential undervaluation.
• The company targets a 10% net margin in the coming years as it scales.

Financial Results

• Revenue for the last year was $170 million, with a Gross Written Premium (GWP) of $844 million.
• Huize holds nearly $30 million in cash, surpassing its market capitalization.
• The average commission rate in China is between 30% and 40%.
• Currently trading at three times its book value.

Operational Updates

• AI tools have been deployed across the platform, enhancing lead generation, customer service, claims processing, and underwriting.
• Social media content creation is a key driver for customer acquisition in the direct-to-consumer channel.
• The company co-develops insurance products with carriers, with co-branded products contributing 53% to total GWP in Q4 2024.
• Huize holds a 75% stake in GlobalCare in Vietnam, supporting its international expansion.

Future Outlook

• Huize expects the Chinese insurance market to grow at a double-digit compound annual growth rate over the next ten years.
• The company is focusing on Vietnam, Indonesia, and the Philippines for international expansion, targeting young demographics and low insurance penetration.
• Plans to expand into wealth management services for its existing insurance customer base.

Q&A Highlights

• Huize aims to increase its market share in China’s insurance distribution market.
• Revenue is split with 20% from direct-to-consumer and 80% equally from B2B2C and B2A2C channels.
• The regulatory environment in China is described as well-defined, with comprehensive regulations for online insurance distribution.
• Commission revenue is collected one month after a policy is sold, following a cooling-off period.

For a deeper dive into Huize’s strategies and financials, refer to the full transcript below.

Full transcript - Sidoti Micro Cap Virtual Conference:

Brendan McCarthy, Analyst, Sidoti: Okay. Hello, everybody, and welcome to Sidoti’s August MicroCap Conference. My name is Brendan McCarthy. I’m an analyst here at Sidoti, and I’m pleased to welcome Huiz Holding Limited. They are an insurance brokerage company based out of China, and they are traded on Nasdaq under the ticker h u I z.

I’m pleased to welcome co CFO, Ron Tammy. He’s gonna be presenting with us today. And before I hand it over, a quick reminder, the q and a tab is located right at the bottom of the screen there. Feel free to type any questions throughout the presentation, and we can save time for q and a at the end. But with that said, Ron, take it away.

Ron Tammy, Co-CFO, Huiz Holding Limited: Thanks, Brandon. Well, good morning, everyone, in The US. It’s my pleasure to be here, today and to walk you through our equity story. We actually been around for quite some time. We’ve been listed, on the Nasdaq Stock Exchange since 2020.

Actually, we were one of the first Chinese companies to get IPO ed, after the COVID outbreak. So, that that gives some context as to when when we were listed. As a company, we’ve been around for nineteen years. We are actually one of the leading insurtech players in China. We are a Chinese company, but then we are also quite international, with, you know, over 30% of revenues now coming from ex ex China market.

So that includes, Hong Kong, that includes, Vietnam, and also we are entering Singapore. So, we are we are now an international, franchise. We are not just a Chinese company, although our roots are are grounded in Shenzhen, and that’s where our headquarters are located. So in terms of the the management team, I think a very quick snapshot of our XCO. Myself, I am responsible for, obviously, the strategic financial matters of the group.

I’m also head of the international business development, having built the Hong Kong business, the Vietnam business as as well as Singapore right now. I I I joined the company in 2020, and I’m an ex banker with Goldman in my early days of my career. The rest of the team actually comes from mostly insurance companies background. Our founder, CEO, Andy, he was, with Ping An, which is the top insurance company in China, and he founded, this company in 02/2006. And we were actually one of the first frontiers, or pioneers in the online insurance brokerage space in China, and we are obviously one of the leading players now.

And then Liu is our president. He he’s a he’s a previously with Star Insurance and AIG, in China. And the rest of the team is also coming from the likes of KBMG, ICBC, which is top Chinese bank, and also Cigna joint venture in China. So mostly coming from leading insurance and financial institution background with local and global experience combined. In terms of the company’s mission statement, I think we are we are proud to say we are one of the leading insurance technology platform in Asia because we’re now not in just China.

We’re also in Hong Kong, Vietnam, and now going to Singapore. Our main value proposition is to connect consumers with carriers, which is our insurance company partners and also intermediaries. And this includes, obviously, insurance agents, and also any intermediate that has, you know, customers that can be monetized in the insurance product. And our ecosystem is fully digital, and it’s AI driven. We are now proud to say we are one of the few, insurtech players in China and in Asia that actively adopts AI in our solutions.

And, on the next slide, you can see that, we you know, in terms of the the the value propositions to each, partners or in the ecosystem, for example, in the insurance carriers vertical, what we provide is digital transformation solutions for insurers. Obviously, they do not have to incur the CapEx, in the IT spend. They can just connect to a razor, and and a a platform can overnight turn the insurers into a digitally connected with, consumers, on multichannels online and offline. So, saves a lot of the admin costs, on on on development and also, obviously, help them connect to the mass retail market very efficiently. On the customer side, obviously, what we wanna provide to them is a transparent solution, you know, transparent pricings, many products to choose from.

They don’t have to only pick one or two providers. They can get access to over 120 providers that are available on our on our ecosystem, and also provide a very streamlined digital transaction experience. So in terms of the application, underwriting, and the claims processing, it’s all done on the mobile app or in the, digital, channels. So no paper filling, no phone filling, and all that. So for the agents, what we empower the agents, obviously, they can connect to our platform to sell products to their customers, and the digital tools that they provide for the agents are, you know, top notch and very, very convenient to use.

They can use that to help customers buy insurance policies. They can use that to manage the CRM, manage the customer base, to extract more value from the customers going forward, and to better serve them as well. And then finally, the intermediary side, you know, we can work with many different intermediaries. Typically, these are offline merchants, you know, conglomerates. These could be, you know, agencies or brokers who does not have the digital, setup that we have.

So, basically, we are a platform provider for these intermediaries, for them to utilize our platform to sell insurance to their customers. And and that is also a digital transformation, you know, you know, product for them or solutions for them. So in terms of our scale, business scale, we have been ranked number one, in terms of independent online life and health distribution, in China. We are a partner of choice with over 130 leading insurance companies, but with the bulk of it in China, but nowadays also in Vietnam as well as Hong Kong. And distribution partners, we have over 10,000 of them.

Many of them are, what I mentioned, you know, the intermediaries that could be working with us to sell insurance to the customers. We have over 10,000,000 policyholders on our platform. Since 02/2006, over nineteen years of operation history, We have accumulated 10,000,000 policyholders. And, again, predominantly, most of them in in China, but now this was in Hong Kong and Vietnam. Our GWP, which is the gross written premium, which is a metric that is to measure insurance distribution.

In the ecommerce world, this will be GMV. So our GWP is 844,000,000 US dollars last year. We’re obviously working as our top five player in China. We have almost 200,000,000 US dollars of revenues have been growing consistently, in in the past few years. Especially during the COVID time where China was still under lockdown situation, we we can see that business continue to grow.

And, digitalization, have been very helpful in terms of, you know, you know, solving the pain points for insurance distribution during that difficult time. And, also, the adoption of it is also accelerated during that time. I mentioned that inter internationalization strategy since 2023. We have over, you know, 30% of revenue that we’re targeting this year for coming from international markets. We have AI, integration into our platform.

We have a proprietary large language model, which we have been, privately trained with our own proprietary data to, basically generate a lot of AI solutions for for the platform. We have a DeepSeek integration, which I can mention it, in a bit later in a later slide, which has improved efficiency and, you know, product matching accuracy to a very high level. So just to visualize how we do distribution in in in in our platform. So we have three main models. You can see that we have a direct to consumer channel, which, what that means is that we use our own Quizr logo, our own brand name, and we reach out to the consumers directly through mostly social media channels.

So you can see on this one, it’s the TikTok of China. So we do live streaming. We also do a Red Note, you know, which is a very popular social media app in China, kind of like Pinterest. And then, obviously, the WeChat ecosystem. We have mini programs.

We also have mobile app that addresses directly to consumers, and consumers can utilize our app to ask for recommendations, to look for the best products, and also, obviously, to make the purchase seamlessly and digitally. We have a b to b to c, which is the intermediary model. And you can see on this slide, you can see this is a very popular influencer or KOL in China that talks about insurance. There are literally thousands of these people operating in the country. And this model has been extremely scalable for Huazr, and we are also replicating this business model in Vietnam right now and also, the rest of Southeast Asia.

We think that this is the right model to reach out to the Gen y and Gen z’s, which will be becoming the major force of consumer buying insurance as they reach their thirties when they start to form families and have kids. So this is the best way to reach out to the mass retail market, the most efficient way to reach out. And, basically, we’re social media pushing content to educate consumers and to make them aware of insurance, requirements, and then, lead generation is generated from these channels. And then our platform help monetize these leads for our, partnerships. So lastly, the b to a to c is the agent, empowerment, business.

So any agent that is licensed in China and nowadays in Vietnam, they can connect to our platform, and register on our platform, and then, immediately, they get access to over hundreds of, insurance providers’ products at, the best commission rates. And, obviously, the most important thing is they can serve the customers digitally on on the mobile app. So our customer base has been, you know, very much, consistently growing over the past few years. You can see from 6,500,000.0 to 10,600,000.0 last year. We booked 11,000,000 mark already this year, and it’s still growing consistently.

You can see that the average ticket size, which is the wallet share, is improving as well from 40,000 u RMB, which is around 5,000 US dollars to 10,000 US dollars this year, which means that, you know, increasing trust and engagement with the customers that we have. We have a relatively young customer base, you know, 35 years of age on average, 68% from top tier cities of the of of China, which would between means the top 20 GDP regions of China. We have a very high persistency ratio, 95%, which is very important for our insurance company partners because they measure us on this KPI, and we which means that our customers are renewing the policies. 95% of the customers renew the policies. And we are we are talking about twenty year, thirty year policies that we typically sell, on the health product side.

You can see that the cross selling, upselling opportunities have been, have been demonstrated. We have we purchased a rate of 40%, which is quite high. Again, this speaks to the trust that that customers have on our platform. I think the service quality that they provide to our customers to the platform is also something that is a very big testament to the brand. In China, we can see some of these KPIs here, you know, 99% satisfaction rate.

Most importantly, we actually help our customers, you know, get claims processed efficiently, provide the express support for them when it comes to, like, health claims or, you know, somewhat controversial claims. We always stand by the customer. So 800,000,000 RMB, which is 100 US plus, settlement amount in 2024. This is probably the leading number in in whole China. You know, 1,300,000 foot families served just alone in this year last year.

For the, insurance company carriers, you know, you can see some names here. The the key, highlight is that we are working with big brands in China and also international players, such as Prudential, MedioLife in Hong Kong and AIA. And and and also in Vietnam, we’re, like, we’re working with the top players. Not only do we just distribute products, we also co develop insurance products with our carriers partners because what we have is customer insights, and what we have is data accumulated over eight, nineteen years of operations. What we can do for them is we can white label product design for insurers, and then, obviously, what we can secure is a exclusive marketing rights to that product.

So that has been very instrumental in the success of our business model, and you can see that, you know, 80, 6% contribution to total GDP in 2024, fourth quarter from life and health. And of that, 53% is co cobranded exclusive products that we co developed with the carriers. And this is a major moat for us in in the business. And then AI, I talked about I’m not gonna spend too much time, but what we do is we have deployed AI tools and technology throughout the whole platform, business process from the front end, from the customer acquisition side, you know, lead generation, customer servicing, chatbots for customer service, claims processing, and so forth. So what you can see is that we are we are looking at, you know, improving operating leverage, and we can do probably 10 x the business volume without, obviously, 10 x of the human resources.

We can probably looking at, like, a a pretty much a nonlinear kind of relationship. And employee productivity, as you can see, from 2019 to 2024 has improved fivefold, and that also speaks to the the operating leverage that we have. So I I mentioned all these AI points just now. I’m just not gonna repeat. It’s basically, you know, also in terms of risk management underwriting, we have AI solutions that would help, you know, reduce, underwriting time to as quick as one second.

We also reduce fraud rates, and risk identification rate has much improved with the deployment of the AI technology. The China market growth, is still structurally very attractive. I think over the next ten years, we’re looking at very strong CAGR, double digit CAGR irrespective of China’s macro headwinds. I think that, obviously, the the lingering, trade war situation, but I think the China economy has, has been resilient. And insurance distribution, I think, is increasingly going to be, in, the favor of brokerages such as ourselves.

Can see on the lower right hand corner, the makeup of the insurance distribution in China from agents’ perspective or brokers is still very, very small fraction of the overall pie at 6% compared to, let’s just say, Hong Kong, 30%, which is where I am right now. And in in The US, it’s 52%. So, you know, we can look at China as growing that 6% number towards more like 30% in the next ten years. So the pie is also, you know, enlarging, and also the share of the pie is also, increasing. So I think the structurally, the market opportunity is very much intact.

And, obviously, in the Hong Kong, side of things, we are tracking a lot of the wealth outflow from China, for, you know, overseas allocations, and, we have been, in business in in Hong Kong since 2023. Right after the COVID reopening, we have been capturing that momentum, and the Hong Kong business growth is very strong. And then that leads to our Singapore expansion, which have we’ve just been licensed by the MAS of Singapore, which is the regulatory body in Singapore, to set up shop in Singapore as well, which leads to the next slide, which is the international business. We have entered Southeast Asia. I think, Southeast Asia is kind of like a, same kind of playbook that we have in China.

So Vietnam is the first market that we’ve, ex explored and, already, landed in Vietnam since last year late last year. We are building a a very, much of an ecosystem solution as well in Vietnam akin to what we have in China. Southeast Asia growth opportunity, obviously, we’re looking at mostly the, the top few, which is Vietnam, Indonesia, and Philippines because these are the most populous countries, a 100,000,000 population each plus, and also a very young demographic, you know, average age of 29 years old, which is exactly the sweet spot for us in terms of business model. The insurance density and penetration is still very low in Southeast Asia, but Vietnam why why we chose Vietnam as the first step is is now breaking the 5,000 GDP per capita mark. And what that means is that from the OECD countries’ experience, insurance penetration is very much gonna, you know, take a very leapfrog, you know, improve improving penetration quickly in the next ten years.

So this is the golden age of insurance, for Southeast Asia. So our current focus right now is the growth markets. We will do a combination of m and a and joint venture in these markets. So I talked about Vietnam. This is what we we’ve been doing in Vietnam.

We’ve acquired a a 75% stake in GlobalCare, which is a leading intranet player in the local market. We’ve, empowered the business with all our Chinese, in technology and product solutions from China. We have been seeing a very robust growth, you know, in in in in the past few quarters. So this is still a very much early stage, expansion, but we we see that there’s a huge potential in terms of, the both the country itself attracting a lot of FDI inflows, particularly from The US. You know, NVIDIA setting up an AI center in Vietnam due to the tenant supply in Vietnam as well.

And GDP growth next ten years likely to be the high single digit CAGR per year. You know, disposable income, rising dual class, these are all the same story that we have been seeing in China for the last fifteen years. So we are very confident that Vietnam is a very attractive market position for us to to enter and bring value to shareholders. So I’m gonna stop here. I think in terms of investment highlights, you know, we are leading InsureTech platform.

We are a true and, you know, AI driven, data driven InsureTech solution provider to the market. We have a sizable customer base, which is still, relatively untapped in terms of other cross selling opportunities, not just in insurance. For example, in wealth management, I think we are just starting this question service. We have very much a customized product offering. We have, you know, a very, attractive market opportunity both in China as well as Southeast Asia, and we are very healthy in terms of our cash position.

We have, you know, almost $30,000,000 of cash. $30,000,000 of cash, which actually is even larger than our market cap right now. Right now, it’s around, you know, call it $30,000,000 of a market cap, which is, just cash value on the balance sheet. So we are covered by a few brokers. Citi, is our our IPO banker, and they’re still covering our research.

CICC as well is a Chinese investment bank, and then UOB is a Southeast Asian broker, based off, you know, Singapore. So with that, I’m just gonna stop here, and, I would like to take any questions from the floor if there’s any.

Brendan McCarthy, Analyst, Sidoti: Great. Thank you, Ram. We appreciate the overview there. We can open the floor for q and a. As a reminder, if you have a question, feel free to type it in the q and a tab below.

Why don’t we start with your position in the market? Just talking about your competitive position. Are you able to quantify what your market share is, I guess, by, by written premiums or written policies?

Ron Tammy, Co-CFO, Huiz Holding Limited: Sure. I think I think we are a top five player in China. Right? The top two or top three actually are the big, conglomerates, you know, the likes of Tencent, you know, and, Ends Financial. Those are the big names.

But as an independent player, we are we are probably the number one player. And our market share is around single digit, like, call it 5% in China. And the the China market is still very fragmented. So in terms of market share, you know, it’s it’s it’s that’s where we are right now.

Brendan McCarthy, Analyst, Sidoti: Got it. And turning to distribution, you talk can you talk about the revenue profile of your of your business just, I guess, both on the d to c and and b to b partnership side?

Ron Tammy, Co-CFO, Huiz Holding Limited: Sure. So so our total revenue is around, you know, 170,000,000 US dollars last year. Right? And our revenue stream is very straightforward. It’s just commission revenue from the insurers.

So whatever policy that we distribute on the platform, we take a cut, from the insurer, which is the insurance commission distribution commission. So the take rate or the commission rate, it’s, on average around 30 to 40% on the China side. And in Hong Kong, it’s a it’s a bit higher, and Vietnam as well. So so blended call it, you know, a a a 30% take rate. And then and then, the revenue is mostly just commission revenue from the insurers.

And in terms of makeup of the revenue, streams, from the die to c, and b to b to c and the two a to c, it’s roughly 20%, direct to c. And then, with the balance, 80%, roughly equally split between the b to b to c and b to a to c. So a very much diversified revenue streams from the three channels that we have. So this this slide. Yeah.

Brendan McCarthy, Analyst, Sidoti: Got it. Got it. That’s helpful. And on the b to b side, is that is that, like, a negotiated process, or how do you how do you determine those commission rates?

Ron Tammy, Co-CFO, Huiz Holding Limited: Right. So so commission rate is always gonna be, determined by the insurance provider, so with the insurance companies. Right? So on the product. But then when we split revenues with the partnerships, then I think it’s a, it’s a it’s a it’s a combination of the relative bargaining power.

For some of the channels with large volumes, obviously, they can ask for a higher split. For some of the smaller channels, we can we can take a higher higher cut from from from them. So so but, you know, on average, we pay away we pay away roughly around 80% of the commissions to, the the partnerships. Right? Because we are a platform provider to them.

For the b to a to c, it’s roughly around the same, 80 to 85% pay away to to the agents.

Brendan McCarthy, Analyst, Sidoti: Got it. That makes sense. And how can we kinda think about customer acquisition? I mean, it seems like on the d two c side, you mentioned any agent can can kinda join the platform there. Is is customer acquisition pretty low in that sense, or how do how can we kinda think about that?

Ron Tammy, Co-CFO, Huiz Holding Limited: So direct to consumer, what we do is we we create a lot of content on social media, channels, educational content. Sometimes it’s more like a lifestyle kind of scenario. We we create a short video with the parent, you know, unfortunately, you know, catching a illness or going getting into an accident. We use these stories to bring out the insurance concept to the customers, and we publish this content on multiple channels. Like, I mentioned Rednote, which is the Instagram of China.

I I I also mentioned WeChat, which is the WhatsApp, and, you know, live streaming sessions. We also provide live streaming, you know, content to the market. So the all these are lead generation, channels that we we, we do on the d two c side.

Brendan McCarthy, Analyst, Sidoti: Understood. That that’s helpful. We have a question here. A couple questions here. One is on your financial I think you’re profitable on a full year basis.

I think it was back in 2023. You know, positive EPS there. And can you discuss your recent financial performance as far as, you know, when you expect to be, you know, fully profitable? I guess, just profitability outlook in general?

Ron Tammy, Co-CFO, Huiz Holding Limited: So I think right now, to be to be to be frank, our profitability level is not that high, but we have been profitable, for the past few years, actually, although the absolute quantum is not that big. So what we’re trying to do is we’re still investing a lot in the technology of the business. We can you can see on our on our on our p and l, the r and d expense is still quite material. What we’re trying to do is that right now, I think, of course, we are very focused on profitability, and we are profitable, you know, you know, on a quarterly basis. Sometimes we we run into loss making quarters, but I think, we wanna maintain that investment, into our business.

And we do believe that, you know, over time, in in the in the in the next two, three years when we increase our scale of the business, the operating leverage is gonna show, and then profitability is gonna, be a result of that. So I think we likely be targeting the 10% net margin mark over the next few years. And on a quarter to quarter basis, we can be we can be profitable anytime, actually, if we wanted to just spend less on the investment on the AI side. Yeah. So I just got a question from the audience as well.

I’m just gonna read out live here, which is exactly what you just asked, the path to profitability and how that aligns with the current market cap. So, obviously, I think the market cap is not too reflective of our fundamentals, albeit we have a low earning space. But I think that from many metrics, I think it’s still relatively undervalued that, obviously, from from the company’s perspective, we we like to think it’s undervalued, you know, trading at, you know, open three times book, you know, and, basically less than our cash value on the balance sheet. So so I think I’d like to, spend more time and, obviously, with this participation this time, to reach out to The US market and investor base more directly. And, hopefully, that will address the market dislocation on on the valuation.

And then the the other question I got from the audience is how long does it take to actually collect commission revenue after policy is sold? So, typically, we get the revenue one month after. So there’s a coding off period when the insurance customer buys the policy. So when the cooling off period is over, then the insurer themselves can also recognize the revenue, then we can recognize our commission. So, typically, it’s about one month after the policy is sold.

So I just got these two questions on on my side. Not sure if, Brendan, you have any others that you wanna raise to me.

Brendan McCarthy, Analyst, Sidoti: Yeah. Absolutely. A couple more questions here. Why don’t we talk about, sales by product? You maybe what product types, you know, sell the most on the platform?

Maybe just talk about your growth outlook, looking at specific products.

Ron Tammy, Co-CFO, Huiz Holding Limited: Sure. So I think right now, we on this page, you we can see the main product categories that we sell. So in the China market, these days, I think, yeah, people spend a lot of money in the long term savings products. So what what what we’ll be referring to here will be the participating whole life insurance or or or endowment products. Basically, it’s a wealth accumulation product.

And, the reason for for that is, the the declining interest rate environment in China. I’m not too sure whether The US audience is aware, but Chinese, ten year bond use is around 1.6% right now, which is much lower than The US. So what that means is that the the low yield environment is creating a lot of, reallocation of wealth from bank deposits, or other products into insurance, because they have the long term yield potential. And that’s also driving a lot of growth outflow from China into obviously, Hong Kong is the catchment for for the country, and Hong Kong is benefiting from a lot of this outflow of wealth from China from the mass affluent market to, you know, to basically get a better yield elsewhere. So, you know, Hong Kong is is the international market.

It’s the international financial center for for for the world, one of the three main main main markets, and Hong Kong is US dollar, you know, you know, free. So a lot of the money that is RMB coming from China, is being converted into US dollars and to invest in, you know, obviously, you know, product that’s provided by the Prudential’s and manualized AIA’s where the investment can be global equities, global fixed income. So I think that’s the trend. And then in China, we also sell, health products, and a lot of these are critical illness products that we partner and codevelop exclusively with our insurance partners. We also sell long term medical insurance.

So this will be your health hospitalization benefits. And, you know, we have been partnering with Ping An, which is the top, insurance company in China to to launch a exclusive product on our platform. So so health products and savings products are the main products that we distribute.

Brendan McCarthy, Analyst, Sidoti: Great. That that’s very helpful. And one last question for me just on, you know, maybe from the perspective of a US based investor. Are there are there any key, you know, regulatory hurdles, with the company operating in China or or any, you know, notable differences with the Chinese insurance market that that, you know, US based investors should be aware of?

Ron Tammy, Co-CFO, Huiz Holding Limited: I think I think in terms of regulatory, perspective, China is actually, in in some in some way, even stricter than The US market. The the, the regulator has been very much, you know, detail out all the relevant regulations surrounding online or digital insurance distribution. There’s actually a a a a document that lays out all the rules for people to operate in this space. So I think regulatory clarity is is is there, in China, and that’s such a good thing. And it’s only been, the last two years where all these regulations have been, kind of, like, done and dusted.

So we have been in a transitioning mode, in in the likes of 2022, 2023, but I think for the last year and two year, window, everyone has settled, and, you know, all the relevant regulations have come out. I don’t think that there’s any more surprises, down the road. I think, I think what the Chinese companies have been, hurt, in The US market is a lot of the regulatory and regulatory and clarity or lack of lack there of of regulatory clarity over the last few years, which has resulted in dislocations and and investment investor losses. But I think that, for for our InstaTech space in China, I think, I don’t expect any surprises down the road anymore.

Brendan McCarthy, Analyst, Sidoti: Great. Great. Well well, Ron, we’ll we’ll conclude there. We really appreciate the overview. A really interesting story, especially from the valuation perspective.

Thank you, everybody, for joining us.

Ron Tammy, Co-CFO, Huiz Holding Limited: Thank you, Brandon, and thanks for having me. I hope everyone have a good, good day.

Brendan McCarthy, Analyst, Sidoti: Likewise. Thanks, everybody. Take care.

Ron Tammy, Co-CFO, Huiz Holding Limited: Bye.

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