Welcome to our dedicated page for Zhibao Tech news (Ticker: ZBAO), a resource for investors and traders seeking the latest updates and insights on Zhibao Tech stock.
Zhibao Technology Inc. (NASDAQ: ZBAO) is an InsurTech company whose operating entities in China focus on digital insurance brokerage services built around a 2B2C digital embedded insurance model. The ZBAO news feed on Stock Titan aggregates company announcements, operational updates, financing developments and regulatory disclosures that Zhibao releases through press wires and SEC filings.
News about Zhibao often highlights the performance and expansion of its digital brokerage platform, including growth in B channels and C-end customers served through its embedded insurance model. The company’s communications also cover the development of its over 40 proprietary digital insurance solutions across industries such as travel, sports, logistics, utilities and e-commerce, as well as its use of big data and AI to iterate and enhance these solutions.
Investors following ZBAO can expect updates on health and medical insurance initiatives, including products launched through its subsidiary Zhibao Health and collaborations with partners like the People’s Insurance Company of China (PICC). News items also describe joint ventures such as Zhibao Yingshi and Zhongfang JV, which relate to medical insurance and risk reduction services, along with the integration of Zhibao’s Managing General Underwriter (MGU) capabilities into these structures.
Another recurring news theme is Zhibao’s reinsurance activities through Zhibao Labuan Reinsurance Company Limited, including licensing milestones and credit ratings from AM Best. Coverage may also include capital markets developments such as equity purchase agreements, consulting arrangements tied to financing, and participation in investor conferences and webinars.
Regulatory and listing updates, including Nasdaq deficiency notices related to periodic filings and changes in independent auditors, are also part of the ZBAO news flow. By reviewing this news page, readers can track how Zhibao communicates its financial performance, strategic partnerships, product launches and governance developments over time.
Zhibao Technology Inc. (NASDAQ: ZBAO), a leading InsurTech company in China, has announced a convertible note financing agreement with an institutional investor. The deal includes:
- Sale of senior secured 10% original issue discount convertible promissory notes
- Principal amount of up to $8 million
- 40% warrant coverage
- To be drawn in tranches
- Gross proceeds of up to $7.2 million
Additionally, Zhibao issued $750,000 of pre-funded warrants, exercisable upon events of default as outlined in the Notes. The company plans to use the net proceeds for working capital purposes. EF Hutton acted as the exclusive placement agent for this offering.
Zhibao Technology Inc. (NASDAQ: ZBAO) announced that its subsidiary, Sunshine Insurance Brokers, has secured a contract to provide the 'Hui Jia Bao' inclusive homeowners' insurance product in Nanjing, China. Marketed as 'Ning Jia Bao', this implementation is insured by six leading insurers, led by PICC's Nanjing branch. Hui Jia Bao, starting at CNY 99 per year, aims to fill a critical coverage gap in China's insurance market. The company projects this solution to generate up to CNY 230 million in premium and CNY 46 million in revenue over the next three years. Zhibao is in discussions to launch Hui Jia Bao and Hui Min Bao products in additional Chinese cities, furthering its mission to provide affordable and inclusive insurance products.
Zhibao Technology Inc. (NASDAQ: ZBAO) has won a tender to provide high-end medical third party administration (TPA) services to the People's Insurance Company of China (PICC Group). Zhibao is one of four exclusive vendors selected to offer TPA services to all PICC Group subsidiaries, including PICC Property & Casualty, PICC Health, and PICC Life. The contract is valued at CNY 28 million over a 3-year period from 2024 to 2027.
This partnership grants Zhibao access to PICC's extensive network of over 3,000 branch offices, including 36 provincial-level branches nationwide. The collaboration is expected to benefit Zhibao's Managing General Underwriting (MGU) business division and enhance its main Business-to-Consumer (2B2C) embedded digital insurance brokerage business. PICC Group is ranked as the ninth-largest insurance group globally by premiums written in 2021.
Zhibao Technology Inc. (NASDAQ: ZBAO), a leading InsurTech company in China, has announced its participation in the upcoming Skyline Signature Series™ on August 15, 2024. The event will feature a live, interactive online presentation by CEO and Chairman Botao Ma and Investor Relations Manager Daniel Tao.
Investors, advisors, and analysts are invited to attend this real-time session, where they can engage directly with the company representatives and ask questions. The presentation is scheduled for 12:00 PM ET on Thursday, August 15, 2024. Interested participants must pre-register for the event through the provided registration link.
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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