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U-BX Technology slashes share offering by 60%, changes lead bank ahead of $10 million US IPO

November 17, 2023

U-BX Technology, which provides a variety of services to insurance companies in China, lowered the proposed deal size for its upcoming IPO on Friday. In its latest filing, the company also disclosed financials for the fiscal year ended June 30, 2023, and replaced sole bookrunner Boustead Securities with Prime Number Capital.

The Beijing, China-based company now plans to raise $10 million by offering 2 million shares at $5. The company had most recently filed to offer 5 million shares at the same price. At the revised terms, U-BX Technology will raise 60% less in proceeds than previously anticipated.

U-BX Technology's business consists of digital promotion services, risk assessment services, and value-added bundled benefits. Utilizing its proprietary algorithmic model, the company is able to generate individualized risk reports based on the vehicle brand, model, travel area, and vehicle age. Its client base consists of more than 300 city-level property and auto insurance carriers nationwide, along with approximately 200,000 insurance brokers that use our products and services to conduct business on a daily basis.

U-BX Technology was founded in 2018 and booked $94 million in revenue for the 12 months ended June 30, 2023. It plans to list on the Nasdaq under the symbol UBXG. Prime Number Capital is the sole bookrunner on the deal.