Exhibit 99.1
Huize Provides Update on its Status under the Holding Foreign Companies Accountable Act
SHENZHEN, China, May 05, 2022 (GLOBE NEWSWIRE) — Huize Holding Limited, (“Huize,” the “Company” or “we”) (NASDAQ: HUIZ), a leading digital insurance product and service platform for new generation consumers in China, today announced that the Company is aware of the fact that it was identified by the United States Securities and Exchange Commission (the “SEC”) under the Holding Foreign Companies Accountable Act of the United States (the “HFCAA”) on May 4, 2022. Such identification may have resulted from the Company’s filing of the annual report on Form 20-F for the fiscal year ended December 31, 2021.
The Company understands that the SEC made such identification pursuant to the HFCAA and its implementation rules issued thereunder. This indicates that the SEC has determined the Company used an auditor, whose working paper cannot be inspected or investigated completely by the Public Company Accounting Oversight Board of the United States (the “PCAOB”), to issue the audit opinion for the Company’s financial statements for the fiscal year ended December 31, 2021.
In accordance with the HFCAA, the SEC shall prohibit a company’s shares or American depositary shares from being traded on a U.S. stock exchange or in the over-the-counter trading market in the United States if such company has been identified by the SEC for three consecutive years due to PCAOB’s inability to inspect the auditor working paper related to such company.
The Company has been actively exploring possible solutions to best protect the interest of its stakeholders. The Company will continue to comply with applicable laws and regulations in both China and the U.S.
About Huize Holding Limited
Huize Holding Limited is a leading digital insurance product and service platform for new generation consumers 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 http://ir.huize.com.
