Company: ATMCW
Filing Date: 2025-11-17
Form Type: DEFM14A
Source: 0001493152-25-023842
Chunk: 292

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-11-17
Form: DEFM14A
Chunk 292
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 an activity whereby a policyholder makes regular payments  
 to an insurer in return for which the insurer guarantees to provide the beneficiary with    
 an agreed sum on the occurrence of an event other than the death of a person. Most European 
 countries classify accident and sickness associated insurance covering life-related risks   
 as non-life insurance.                                                                      |

<div align='center'>Classification of the Insurance Industry

Source: CBIRC, Frost & Sullivan Analysis</div>

| 159 |

Introduction to the Insurance Industry Market Players

In the insurance industry, there are several market players, including but not limited to insurance companies, consumers, and insurance intermediaries, which are further divided into insurance agents, insurance brokers, and insurance adjusters. Insurance brokers, as intermediaries, work for the policyholder in the insurance process and act independently in relation to insurers. Brokers assist applicants in the choice of their insurance by presenting them with alternatives in terms of insurers and products. Therefore, in short, the value chain of the insurance intermediary market industry consists of insurance companies, insurance intermediaries, and end-customers, and insurance intermediaries, like the Company, are in close contact with insurance companies and end customers to expand the value chain.

HCYC Wealth Management Limited as a licensed insurance broker company registered with the Insurance Authority in Hong Kong generally services insurers as an intermediary between the insurance provider and consumer by drawing up insurance plans, selecting insurers that match the clients’ needs handling insurance procedures for policyholders, assisting insurers or beneficiaries in making claims, and providing disaster prevention, loss prevention, or risk assessment and risk management consulting services, brokerage services, and other business areas as many be authorized by the applicable insurance policy. The following chart provides an illustrative of the insurance brokers role in the overall insurance brokerage industry:

<div align='center'>The Role of Insurance Brokers

Source: Frost & Sullivan Industry Report</div>

Hong Kong’s Insurance Market

According to Frost & Sullivan, Hong Kong’s insurance premiums grow from HKD 514.5 billion in 2018 to HKD 538.0 billion in 2022, with a CAGR of 1.1%. In 2022, long term insurance premiums and general insurance premiums were HKD 473.6 billion and HKD 64.4 billion, respectively. Hong Kong’s insurance premiums are expected to grow from HKD 566.0 billion in 2023 to HKD 621.7 billion in 2027, representing a CAGR of 2.4%. The insurance market is projected to reach