Beijing-headquartered TRX Insurance Brokers has filed for an IPO in the US IPO with the Securities and Exchange Commission, and is aiming to raise up to US$15 million, according to the company’s filing.
It is planning to list on New York’s Nasdaq stock exchange under the symbol TIRX by issuing Class A ordinary shares. Network 1 Financial Securities is acting as the sole bookrunner.
In the 12 months which ended October 2018, Beijing-headquartered TRX, which provides both P&C and life insurance, had US$3 million in sales – a growth rate of 100% over the previous year.
TRX was established in 2010 and is a brokerage with a network of 40 insurers.
The broker’s prospectus said: “China’s independent insurance intermediary market is experiencing rapid growth due to increasing demands for insurance products by the Chinese population.”
It added: “We intend to grow our company by aggressively recruiting talents to join our professional team and sales force, expanding our distribution network through opening more local branches in a number of selective major cities throughout China, and offering premium products and services, such as our new institutional risk management services and internet insurance distribution platform, Needbao, both designed to achieve superior customer satisfaction.”
The firm identified more ambitions: “Our goal is to grow from having eight branches located in the cities of, Xian, Qingdao, Beijing, Changsha, Wuhan, Taiyuan, Nanjing and Chongqing, as of the date of this prospectus, to having more than 10 branches throughout [China] by early 2020, to eventually become a leading national insurance intermediary company.”
Back in September, Shenzhen-based online broker Huize Holding filed to raise US$150 million in an US IPO. Huize was founded in 2014 by Cunjun Ma and offers over 850 P&C products and over 200 life and health products. It has served almost six million clients since its establishment.

Leave a Reply

e: [email protected] | t: +852-8191-5120 (hong kong) | t2: 050-5806-7296 (from japan)