Huize acquires Vietnam insurtech platform Global Care

Huize acquires Global Care Consulting, an insurtech company in Vietnam specialized in digital transformation solutions for the insurance industry. The acquisition marks the first step in the global expansion of Huize’s new international brand Poni Insurtech starting with the ASEAN region. Established in 2017, Global Care is an insurtech company in Vietnam empowering insurers to streamline and digitize their sales processes, policy administration, and operations. In 2023, Global Care facilitated 13.5 million policies on its platform with revenue more than quadrupling year-over-year and registered users growing in excess of 1.3 million. In connection with the acquisition, VinaCapital Ventures, the technology investment vehicle of VinaCapital Group, an investment management firm in Vietnam with $4B of assets under management, will receive as partial consideration newly issued class A common shares of Huize representing approximately 1.7% of issued share capital on a fully-diluted basis, and 50% of which will be subject to a one-year lock-up period. Upon completion, Global Care will become Huize’s subsidiary and its financial results will be consolidated into the company’s consolidated financial statements.