Zhibao Technology, a high-growth InsurTech company listed on Nasdaq, has acquired a 51% controlling stake in Zhonglian Jinan Insurance Brokers for approximately $3.5m.
The deal was executed by its Chinese operating subsidiary, Zhibao Technology Co., Ltd.
The agreement, signed with two shareholders of Zhonglian Jinan, values the target firm at RMB50m.
The purchase will be paid in four instalments, with the final payment contingent upon performance. Zhibao also secured a right of first refusal to acquire a further 34% by the end of 2027, subject to conditions.
Founded in 2015 and headquartered in Ningbo, Zhonglian Jinan operates a wide-reaching insurance brokerage network across China, with 28 province-level and 30 city-level branches. It reported revenue of around $26.3m in the year to June 2024.
The acquisition is expected to more than double Zhibao’s branch network and immediately grant access to Zhonglian Jinan’s regulatory licences, streamlining nationwide operations. It also strengthens Zhibao’s product suite across key insurance lines, including liability, logistics, and health.
Following the deal, Zhonglian Jinan has become a PRC subsidiary of Zhibao.
Zhibao CEO Botao Ma said, “We are very excited to announce our partnership with Zhonglian Jinan through this majority acquisition, which we believe will create long-term value for both companies and our shareholders. Zhonglian Jinan’s customer base, service portfolio, and strong online platform align well with Zhibao’s growth strategy. Together, we aim to capitalize on and enhance the impressive online capabilities of Zhonglian Jinan to drive customer growth, offer specialized target customer marketing and service, and increase customer support and servicing options, strengthening both companies position in the rapidly evolving digital insurance landscape in China.”
“I see opportunities for potential future collaboration with other similar entities,” continued Mr. Ma. “The insurance brokerage industry in China is evolving, and we believe there may be room for further integration over time. With its strong foundation and experienced team, Zhibao is well-positioned to contribute meaningfully to this ongoing development.”
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