Hengguang Holding Co., Limited

General Information
Business:	(Incorporated in the Cayman Islands) We are an insurance agency company operating in China. We offer property and casualty insurance, which includes car insurance, commercial property insurance and accident insurance, as well as life insurance and health insurance products in China. We derive our revenue primarily from commissions and fees paid by insurance companies, typically calculated as a percentage of premiums paid by customers to the insurance companies that we represent. As of the date of this prospectus, we have relationships with over 70 insurance companies in the People’s Republic of China (PRC). We help consumers select the right insurance to purchase, but we represent the insurance companies in the transactions. Our business is conducted by Heng Guang Insurance, our VIE entity in the PRC, and its subsidiaries and branch offices, using Chinese dollars (the “RMB”), the legal currency of China. We operate 45 branch offices in China. Note: Net income and revenue are in U.S. dollars for the year that ended Dec. 31, 2024. (Note: Hengguang Holding Co. Limited plans to offer 6.3 million shares at an assumed IPO price of $4.00 to raise $25 million, according to its F-1/A filing dated Sept. 30, 2025. D. Boral Capital is the sole book-runner.) (Background: On March 7, 2023, Hengguang Holding Co. Limited cut its IPO to 2.75 million shares – down from 4.0 million shares – and kept the assumed IPO price at $4.00 – to raise $11.0 million, according to an F-1/A filing.) (Background: Hengguang Holding filed its F-1 on Jan. 18, 2022. Its original terms were 4.4 million shares at a price range of $4.00 to $5.00. Network 1 Financial Securities served as the original underwriter.)
Industry:	Insurance
Employees:	100
Founded:	2004
Contact Information
Address	Zhongwu International, Building 2, Room 811 Chenglong Avenue, No. 1118, Section 2, Longquanyi District, Chengdu, Sichuan Province, China 610105 c/o Jiulin Zhang
Phone Number	+86 (400) 028-1990
Web Address	http://www.hgbaoxian.cn/
View Prospectus:	Hengguang Holding Co., Limited
Financial Information
Market Cap	$65.0mil
Revenues	$34.92 mil (last 12 months)
Net Income	$0.01 mil (last 12 months)
IPO Profile
Symbol	HGIA
Exchange	NASDAQ
Shares (millions):	6.3
Price range	$4.00 - $4.00
Est. $ Volume	$25.0 mil
Manager / Joint Managers	D. Boral Capital (ex-EF Hutton)
CO-Managers	-
Expected To Trade:
Status:	TBA
Quiet Period Expiration Date:	Available only to Subscribers
Lock-Up Period Expiration Date:	Available only to Subscribers
SCOOP Rating	Available only to Subscribers
Rating Change	Available only to Subscribers

Hengguang Holding Co., Limited

(Incorporated in the Cayman Islands)

We are an insurance agency company operating in China. We offer property and casualty insurance, which includes car insurance, commercial property insurance and accident insurance, as well as life insurance and health insurance products in China.

We help consumers select the right insurance to purchase, but we represent the insurance companies in the transactions.

Our business is conducted by Heng Guang Insurance, our VIE entity in the PRC, and its subsidiaries and branch offices, using Chinese dollars (the “RMB”), the legal currency of China. We operate 45 branch offices in China.

Note: Net income and revenue are in U.S. dollars for the year that ended Dec. 31, 2024.

(Note: Hengguang Holding Co. Limited plans to offer 6.3 million shares at an assumed IPO price of $4.00 to raise $25 million, according to its F-1/A filing dated Sept. 30, 2025. D. Boral Capital is the sole book-runner.)

(Background: On March 7, 2023, Hengguang Holding Co. Limited cut its IPO to 2.75 million shares – down from 4.0 million shares – and kept the assumed IPO price at $4.00 – to raise $11.0 million, according to an F-1/A filing.)

(Background: Hengguang Holding filed its F-1 on Jan. 18, 2022. Its original terms were 4.4 million shares at a price range of $4.00 to $5.00. Network 1 Financial Securities served as the original underwriter.)