Huize Holding Limited (NASDAQ: HUIZ) disclosed that it has decided to terminate the acquisition agreement it has inked with Hubei Shengs Life & General Insurance Agency Co., Ltd. The company has confirmed that it has notified the shareholders of the dissolution of the earlier declared acquisition of a controlling equity interest in Shengs Life & General.
Previously, the Company inked a definitive agreement to buy a controlling equity interest in Shengs Life & General on September 24, 2021, through Shenzhen Zhixuan Wealth Investment Management Co., Ltd which is a wholly-owned subsidiary of the Company’s consolidated variable interest entity.
Furthermore, HUIZ confirmed that the Company is exerting its right to end the acquisition ten working days before any notice due to delays in the closing. The termination of the acquisition will become valid on January 28, 2022. The Company will not assume any cancellation fees regarding the closure of the acquisition.
Huize Holding Limited has earned a reputation as a prominent digital insurance product and service platform in China for millennials. Huize is committed to offering its insurance clients their life-long insurance needs, with a focus on the younger generation. It also offers a comprehensive range of insurance products through its online platform.