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Chinese digital insurance brokerage Zhibao Technology sets terms for $6 million US IPO

February 8, 2024

Zhibao Technology, a digital insurance brokerage in China, announced terms for its IPO on Thursday.

The Shanghai, China-based company plans to raise $6 million by offering 1.2 million shares at a price range of $4 to $6. At the midpoint of the proposed range, Zhibao Technology would command a market value of $157 million. The IPO float is just 3.8% of basic shares outstanding.

Operating through Zhibao China Group, the company provides digital insurance brokerage services in China using a to-business-to-customer (2B2C) digital embedded insurance model. 2B2C digital embedded insurance refers to a one-stop customized insurance brokerage model, under which the company provides insurance solutions to be digitally embedded in the existing customer engagement matrix of its business entities to reach and serve their existing pool of end customers. Zhibao launched its digital insurance brokerage platform in 2020 and offers a portfolio of services including insurance brokerage services and managing general underwriting services.

Zhibao Technology was founded in 2015 and booked $20 million in revenue for the 12 months ended June 30, 2023. It plans to list on the Nasdaq under the symbol ZBAO. EF Hutton is the sole bookrunner on the deal.