(Yicai Global) Sept. 5 -- Chinese online insurance intermediary platform Huize Holding has submitted its initial public offering prospectus to the US Securities and Exchange Commission.

Morgan Stanley, Citigroup Global Markets and China International Capital Corporation Hong Kong Securities will act as joint underwriters for the flotation. The number and pricing range of the American depositary receipts will be fixed in the future, news outlet The Paper reported today.

The report did not reveal whether Huize will list on the New York Stock Exchange or on the Nasdaq Stock Market.

Huize's revenue was CNY452 million (USD63.4 million) in the first half in an increase of about one and a half times over the same period last year, according to the prospectus. The company has made money in recent years. Its net profit was CNY6.4 million in the first half and CNY2.9 million last year after it lost CNY97 million in 2017.

Huize had served a total of 5.8 million policyholders and 47.3 million insured persons as of the end of June. A large part of its customer base is young with the average age of those who purchase life and health insurance products via its platform being 32. These products had made about 90 percent of its brokerage income as of June 30.

Founded by Ma Cunjun in 2006, Huize is China's earliest and largest online insurance intermediary platform. It has cooperated with 67 insurance institutions nationwide and provided clients with 214 life and health insurance plans and 861 property and accident insurance ones, per the prospectus. 

Editor: Ben Armour