Zhibao Technology, a digital insurance brokerage in China, filed on Friday with the SEC to raise up to $9 million in an initial public offering.
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.
The Shanghai, China-based company was founded in 2015 and booked $19 million in revenue for the 12 months ended December 31, 2022. It plans to list on the Nasdaq under the symbol ZBAO. Zhibao Technology filed confidentially on March 23, 2023. EF Hutton is the sole bookrunner on the deal. No pricing terms were disclosed.
