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Zhibao Technology Inc. (NASDAQ: ZBAO) is a pioneering figure in the insurance technology (InsurTech) sector, primarily engaged in providing digital insurance brokerage services across China. Established with an innovative 2B2C (to-business-to-customer) digital embedded insurance model, the company integrates customized digital insurance solutions into a wide array of B-side channels that encompass Internet platforms, large enterprises, and government agencies. These solutions are then offered to end customers through these channels, enhancing accessibility and convenience.
In recent years, Zhibao has achieved several milestones. On April 2, 2024, the company commenced trading its Class A ordinary shares on the Nasdaq Capital Market under the symbol 'ZBAO', followed by an initial public offering of 1,500,000 shares. The IPO generated gross proceeds of $6,000,000. Furthermore, the company issued an additional 23,765 shares on May 15, 2024, resulting in further gross proceeds of $95,060.
Despite facing challenges such as a slight decrease in total revenues and a net loss for the six months ended December 31, 2023, Zhibao has shown resilience. The decreased revenues, which stood at approximately RMB 84.3 million ($11.9 million), an 8% decline from the same period in 2022, were attributed to reduced renewals of specific accounts and the unexpected closure of a reinsurance partner in the high-end medical sector. Nevertheless, the company has intensified its investment in sales, marketing, and R&D, with expenditures increasing by 66% and 82%, respectively. Such investments are anticipated to yield higher revenues in upcoming quarters.
Moreover, Zhibao has been expanding its business channels, now working with nearly 1,500 B channels, up from approximately 1,000. This growth has amplified the reach of its digital insurance model, enabling the company to serve over 10 million end customers as of December 31, 2023. Collaborations with 118 insurance and reinsurance companies further solidify Zhibao's market position and diversified insurance offerings.
Recent developments highlight Zhibao's robust growth and strategic maneuvers. The company has launched customized household insurance in seven cities, including Guangzhou and Nanjing, and expanded its sports insurance solutions, covering over 100,000 instances across various sports scenarios. Additionally, a significant medical health insurance cooperation agreement with PICC Property and Casualty Company Limited has been signed, enhancing Zhibao's capabilities in the high-end medical sector.
The 'Project Amoeba' reorganization, initiated in late 2023, aims to enhance Zhibao's operational efficiency by establishing mid- and back-office service teams as 'quasi-profit centers'. This initiative, combined with the company's strategic M&A pursuits, positions Zhibao for sustained growth in the insurance brokerage industry.
Looking forward, Zhibao remains optimistic about its financial prospects, aiming to capitalize on both organic growth and strategic mergers and acquisitions. The company's mission to prioritize clients' interests, coupled with dedicated efforts to enhance operational efficiencies, positions it well to seize opportunities within China's embedded insurance brokerage industry.
Zhibao Technology Inc. (NASDAQ: ZBAO) has announced a strategic investment cooperation with Sport Covers to create a new business model combining digital sports and insurance brokerage. This partnership leverages Zhibao's expertise in insurance and technology with Sport Covers' position in the sports market. Key points:
1. Sport Covers becomes the first sports insurance technology platform under a listed insurance brokerage in China.
2. Zhibao gains access to sports-related B-channels, including facilities, marathons, and events.
3. Revenue projections: CNY 20M in 2024, CNY 50M in 2025, and CNY 80M in 2026.
4. Global Sports Insurance market expected to reach $4.8 million by 2028 (CAGR 6.0%).
5. Zhibao aims for 10% market share by 2024, 15% by 2025, and over 20% by 2026.
Zhibao Technology (NASDAQ: ZBAO) has released its unaudited financial results for the six months ending December 31, 2023. The company reported a revenue decrease of 8% year-over-year to RMB 84.3 million ($11.9 million) and a net loss of RMB 8.5 million ($1.2 million), compared to a net income of RMB 8.9 million in the same period in 2022. Key factors contributing to this downturn include reduced renewal rates and the unexpected closure of a reinsurance partner's business in the high-end medical sector.
Despite the financial setbacks, Zhibao has closed its IPO, raising $6 million, and issued additional shares resulting in a total of $6.1 million in gross proceeds. The company's operating costs have increased significantly, with sales and marketing expenses up by 66% and R&D expenses up by 82%. However, management remains optimistic, citing growth in B channels and end customer users, along with new partnerships and M&A plans aimed at driving future revenue and operational efficiency.
Zhibao Technology (NASDAQ: ZBAO), a leading InsurTech company in China, has appointed Xiaowei Le as Chief Growth Officer, effective immediately.
With over 25 years of experience in the insurance industry, Le will be responsible for executing Zhibao's growth strategy, focusing on revenue and profitability enhancement.
Le's background includes leadership roles at Alltrust Insurance and Bohai Insurance, bringing extensive market knowledge and industry relationships to Zhibao.
Founder and CEO Botao Ma highlighted Le's expertise in business development and market expansion as critical for the company’s strategic priorities.
Le expressed enthusiasm for driving growth and innovation in the InsurTech sector.
Zhibao Technology Inc. (Nasdaq: ZBAO), a leading InsurTech company in China, announced the issuance of an additional 23,765 Class A ordinary shares. This issuance resulted from a partial exercise of the underwriters' over-allotment option in connection with its initial public offering (IPO). The shares were priced at $4.00 each, generating additional gross proceeds of $95,060. Including the over-allotment, the total gross proceeds from the IPO amounted to $6,095,060, excluding offering expenses and underwriting discounts. EF Hutton served as the sole book-running manager for the offering. The SEC declared the registration statement effective on March 29, 2024, and the final prospectus was filed on April 2, 2024.
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