YSX Tech, which provides value-added and other services primarily to insurers and brokerages in China, raised $5 million by offering 1.3 million shares at $4, the low end of the range of $4 to $6.
Through its operating subsidiaries, the company provides comprehensive business solutions to enterprise customers, mainly insurance companies and brokerages, in China. It specializes in auto insurance aftermarket value-added services, but also offers software development and information technology services and other scenario-based customized services. In the FY23, YSX served a total of 52 enterprise customers, including 26 insurance company customers and 10 insurance brokerage customers, such as PICC Property and Casualty and China Ping An Property Insurance.
YSX Tech plans to list on the Nasdaq under the symbol YSXT. Kingswood Capital Markets acted as sole bookrunner on the deal.
