Zhibao Technology Inc. Announces Closing of Initial Public Offering
- None.
- None.
The recent initial public offering (IPO) by Zhibao Technology Inc. introduces a significant player into the InsurTech market, a sector known for its innovative approach to insurance through technology. The IPO's size, at $6 million, is modest compared to the industry giants, but it is a substantial amount for a company making its market debut. The offering price at $4.00 per Class A ordinary share may reflect the company's current valuation based on its perceived growth potential and financial health.
Investors may view Zhibao's entry into the Nasdaq Capital Market as a strategic move that could potentially enhance its visibility and credibility among international investors. The underwriter's option to purchase additional shares to cover over-allotments indicates confidence in the company's prospects. However, given the competitive nature of the InsurTech space, Zhibao will need to leverage its digital brokerage services effectively to gain market share and deliver on investor expectations.
Zhibao Technology's IPO financials show a strategic capital raise that could fuel the company's expansion and technology development. The $6 million raised, before expenses, provides a cash influx that will be important for the company's short-term operations and long-term growth initiatives. It is essential to monitor how Zhibao allocates these funds, particularly in research and development, marketing and potential market expansion.
Investors should also consider the implications of the 45-day option for underwriters to purchase additional shares. If exercised, this could indicate strong demand for Zhibao's stock and provide further capital, albeit at the cost of additional share dilution. The effectiveness of EF Hutton LLC as the sole book-running manager and the response to the final prospectus will be telling of the market's initial confidence in Zhibao's value proposition.
The legal framework surrounding Zhibao Technology's IPO is standard for such offerings. The filing of a registration statement on Form F-1 and its effectiveness declared by the SEC are prerequisites for any foreign company seeking to list on a U.S. exchange. The availability of the final prospectus through both EF Hutton LLC and the SEC's website ensures transparency and compliance with U.S. securities laws.
Investors should note that the legal disclaimer emphasizing the IPO's compliance with state and jurisdictional securities laws is a routine caution. It serves to remind that the offering is conducted under strict regulatory standards, which can provide a level of assurance regarding the company's adherence to legal and ethical practices in its operations.
Shanghai, China, April 03, 2024 (GLOBE NEWSWIRE) -- Zhibao Technology Inc. (Nasdaq: “ZBAO” or the “Company”), a leading and high growth InsurTech company primarily engaging in providing digital insurance brokerage services through its operating entities in China, today announced the closing of its initial public offering ("Offering”) of 1,500,000 Class A ordinary shares at a public offering price of
EF Hutton LLC acted as the sole book-running manager for the Offering.
A registration statement on Form F-1 (File Number: 333 -274431) relating to the Offering, as amended, was filed with the U.S. Securities and Exchange Commission (the “SEC”) and was declared effective by the SEC on March 29, 2024. A final prospectus related to the Offering was filed on April 2, 2024, and made available on the SEC's website at http://www.sec.gov. The Offering was made only by means of a prospectus, forming part of the effective registration statement. A copy of the final prospectus related to the Offering may be obtained from EF Hutton LLC, 590 Madison Avenue, 39th Floor, New York, NY 10022, Attention: Syndicate Department, or via email at syndicate@efhutton.com or telephone at (212) 404-7002. In addition, a copy of the final prospectus relating to the Offering may be obtained via the SEC's website at www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Zhibao Technology Inc.
Zhibao Technology Inc. (“Zhibao” or the “Company”) is a leading and high growth InsurTech company primarily engaging in providing digital insurance brokerage services through its operating entities (“Zhibao China Group”) in China. 2B2C (“to-business-to-customer”) digital embedded insurance is the Company’s innovative business model, which Zhibao China Group pioneered in China. Zhibao China Group launched the first digital insurance brokerage platform in China in 2020, which is powered by their proprietary PaaS (“Platform as a Service”).
Zhibao has developed more than 40 proprietary and innovative digital insurance solutions addressing different scenarios in a wide range of industries, including but not limited to travel, sports, logistics, utilities, and e-commerce. Zhibao China Group acquire and analyze customer data, utilize big data and artificial intelligence technology to continually iterate and enhance its digital insurance solutions. This iterative process, in addition to continually improving its digital insurance solutions, will keep the Company abreast of the new trends and customer preferences in the market.
For more information, please visit the Company’s website at www.zhibao-tech.com.
Forward-Looking Statements
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," “is/are likely to,” "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions, and other factors discussed in the "Risk Factors" section of the registration statement filed with the SEC. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov.
Contact Information:
For Media and Investor Relations
Zhibao Technology Inc.
Investor Relations Office
ir@zhibao-tech.com
Skyline Corporate Communications Group, LLC
Scott Powell, President
Avenues Tower
1177 Avenue of the Americas, 5th floor
New York, NY 10036
Office: (646) 893-5835
Email: info@skylineccg.com
FAQ
How many Class A ordinary shares were sold in Zhibao Technology Inc.'s initial public offering?
At what price were the Class A ordinary shares sold in Zhibao Technology Inc.'s initial public offering?
What is the total gross proceeds raised by Zhibao Technology Inc. through its initial public offering?
Which market are the Class A ordinary shares of Zhibao Technology Inc. trading on?
What is the ticker symbol for Zhibao Technology Inc. on the Nasdaq Capital Market?
