Zhibao Technology Inc. Launches Zhibao Yingshi - A Joint Venture to Accelerate Development of Medical Insurance Products
Rhea-AI Summary
Zhibao Technology (NASDAQ: ZBAO) announced the launch and commencement of operations of Shanghai Zhibao Yingshi Health Technology, a joint venture formed in September 2025 with Shanghai Xingtao Network Technology (Yingshi Health).
Zhibao China holds 51% of the JV, contributed capital, and will merge its MGU team and business into the JV. The JV recorded its first revenue in November 2025, mainly from service fees on mid/high-end medical policies issued by Pingan P&C branches. Preliminary targets: RMB 4 million monthly for the remainder of 2025 and RMB 50 million revenue for 2026, with an annual growth floor of not less than 10%, subject to board confirmation.
Positive
- Zhibao holds a 51% equity stake in the JV
- First JV revenue recorded in November 2025 from Pingan P&C branches
- Zhibao will merge its MGU team and business into the JV
- Preliminary 2026 revenue target of RMB 50 million
Negative
- Preliminary revenue targets are pending JV Board confirmation
- Stated annual growth target is a minimum of 10%, not a guaranteed upside
Key Figures
Market Reality Check
Peers on Argus
Peers show mixed moves: HUIZ +3.18%, GOCO +3.19%, TIRX -10.54%, RELI -3.03%, AIFU +0.33%, suggesting stock-specific factors for ZBAO.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 05 | Executive appointments | Positive | +11.9% | New COO, CMO, and Chief Actuary appointments tied to strong growth performance. |
| Nov 21 | Nasdaq deficiency notice | Negative | -0.0% | Non-compliance with Nasdaq Rule 5250(c)(1) for late Form 20-F filing. |
| Nov 18 | 20-F filing delay | Negative | -15.3% | Missed Form 20-F deadline and cancellation of scheduled earnings call. |
| Nov 14 | AM Best ratings | Positive | +2.9% | Zhibao Labuan receives B+ financial strength and bbb- credit ratings. |
| Nov 03 | Results delay & guidance | Positive | +3.5% | FY2025 results delay but guidance for 60–80% revenue growth and profit expansion. |
Recent news flow mixes operational positives with reporting/compliance overhangs; price reactions have largely aligned with the directional tone of each event.
Over the last few months, Zhibao reported several notable developments. Management reshuffling on Dec 1, 2025 coincided with strong prior revenue growth and a +11.95% move. Compliance-related delays around the FY2025 Form 20-F and Nasdaq deficiency notices in November weighed on sentiment, including a -15.31% reaction to a filing delay update. Meanwhile, its reinsurance subsidiary earned AM Best ratings with a +2.91% move. Today’s JV in mid- and high-end medical insurance extends this strategic push into health-related insurance products.
Market Pulse Summary
This announcement details a new 51%-owned joint venture, Zhibao Yingshi, aimed at mid- and high-end medical insurance, with preliminary targets of RMB 4 million in monthly revenue for late 2025 and RMB 50 million in 2026 and at least 10% annual growth. It follows earlier partnerships and product launches in health-related insurance. Investors may monitor progress against these revenue goals, integration of the MGU team, and any updates on outstanding regulatory and reporting matters.
Key Terms
managing general underwriter financial
reinsurance financial
AI-generated analysis. Not financial advice.
Shanghai, China--(Newsfile Corp. - December 12, 2025) - Zhibao Technology Inc. (NASDAQ: ZBAO) ("Zhibao," "we," 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 commencement of operations of Shanghai Zhibao Yingshi Health Technology Co. Ltd ("Zhibao Yingshi"), a joint venture company that was formed in September 2025 by Zhibao and Shanghai Xingtao Network Technology Co. Ltd, ("Yingshi Health"), a player in the mid-end medical insurance space in China.
In November 2025, the Company recorded the first revenue in Zhibao Yingshi, primarily from service fees for mid- and high-end medical policies issued by Pingan Property and Casualty Insurance Company's branches.
Pursuant to the Cooperation Framework Agreement (the "JV Agreement"), dated September 1, 2025, by and among Zhibao Technology Co., Ltd. ("Zhibao China"), Yingshi Health and Chunhui Ji, the controlling shareholder of Xingtao, Zhibao China agreed to, among other things, set up Zhibao Yingshi with Yingshi Health and contributed capital for
Key Contributions:
Pursuant to the JV Agreement, the parties agreed to contribute their resources and expertise to empower the success of Zhibao Yingshi. Specifically, among other things, the parties agreed to the following matters:
- The Company will contribute its current strengths and resources to provide reinsurance, brokerage, medical network, and risk management services. The Company's existing Managing General Underwriter ("MGU") team and business will be merged into the JV.
- Yingshi Health agrees to merge their existing and future business in health insurance into Zhibao Yingshi and Mr. Chunhui JI, Yingshi Health's current General Manager, will serve as chairman and general manager for Zhibao Yingshi lead its management and business operations.
- Zhibao shall promptly appoint Mr. Ji as an executive officer of Zhibao.
Financial Targets
The parties also agreed to the following preliminary monthly revenue targets for Zhibao Yingshi: monthly revenue of RMB 4 million (USD 560,000) per month for the remainder of 2025 and annual revenue of 50 million RMB (USD 7 million) for 2026, pending confirmation of the JV's Board of Directors. The Parties in principal that the annual growth revenue growth should be not less than
Management Commentary
"I am tremendously excited to welcome Mr. Ji and the Yingshi team," remarked Mr. Botao Ma, the founder and CEO of the Company. "We believe Zhibao and Yingshi are both strong players in the high- and mid-end medical space, and this partnership will allow us to utilize each others' resources and strengths to accelerate our development in this market. Our MGU has always been one of the core parts of our business model, and I believe this step will allow us to continue to grow this key business unit while providing excellent service to our B Channels and C end customers."
"I am honored and excited to take on the opportunity of leading the Zhibao Yingshi," said Mr. Chunhui Ji, General Manager of Yingshi Health and Head of Zhibao Yingshi. "Zhibao bring tremendous experience and deep connections in the brokerage and reinsurance space, as well as a mature operations team. I look forward to integrating our resources to achieve the ambitions revenue and growth targets laid out in the cooperation framework agreement."
About Zhibao Technology Inc.
Zhibao Technology Inc. (NASDAQ: ZBAO) 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 over 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 acquires and analyzes customer data, utilize big data and AI technology to continually iterate and enhance its digital insurance solutions. This iterative process, in addition to continually improving its digital insurance solutions, will keep it abreast of the new trends and customer preferences in the market. For more information, please visit: ir.zhibao-tech.com.
About Yingshi Health
Yingshi Health is a health insurance management platform in China, focusing on innovative design of health insurance products and full-process risk control management. It achieves deep integration of insurance and medical resources by utilizing intelligent underwriting, Health Maintenance Organizations (HMOs), and Pharmaceutical Benefit Management (PBMs) to manage the entire health insurance process.
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. 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 our annual reports on Form 20-F (as amended) and registration statements on Form F-1 (as amended) and Form F-3 (as amended) that have been filed or will be filed from time to time 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 statements 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.
Investor Relations Contact
Zhibao Technology Inc.
Investor Relations Office
Email: 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
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/277844
FAQ
What is Zhibao Yingshi and who owns it (NASDAQ: ZBAO)?
When did Zhibao Yingshi first generate revenue and from which insurers?
What revenue targets did Zhibao set for the JV for 2025 and 2026?
Will Zhibao's MGU team be part of the new JV (ZBAO)?
Who will lead Zhibao Yingshi and will Zhibao appoint the leader to its management?
Are the JV's financial targets final and guaranteed for ZBAO investors?
