Zhibao Technology (ZBAO) Registration filing summary

Company overview and business model

• Operates as a Cayman Islands holding company with primary business through PRC subsidiaries in China, focusing on digital insurance brokerage and MGU services.

• Pioneered the 2B2C (to-business-to-customer) embedded insurance model in China, embedding proprietary insurance solutions into business partners' digital channels.

• Serves over 2,000 business channels and more than 20 million end customers, with partnerships across 100+ insurance companies.

• Revenue streams include brokerage commissions (10–80% of gross written premium) and MGU service fees (average 15%).

• Plans for growth include expanding B channels, enhancing technology, and global expansion, with a recent MOU signed in Singapore.

Financial performance and metrics

• Fiscal year ended June 30, 2024: revenue of RMB 183.7 million (US$25.3 million), up 29% from prior year.

• Net income for FY2024 was RMB 13.3 million (US$1.8 million), compared to a net loss of RMB 43.1 million (US$5.9 million) in FY2023, which included significant one-off share-based compensation.

• Cash and cash equivalents as of June 30, 2024: RMB 2.4 million (US$0.33 million).

• Total assets as of June 30, 2024: RMB 208.8 million (US$28.7 million).

Use of proceeds and capital allocation

• Will not receive proceeds from the resale of shares by the selling shareholder; may receive up to $1.9 million from cash exercise of L1 Warrants.

• Proceeds from warrant exercises will be used for working capital and general corporate purposes.