Chinese insurance broker Yuanbao filed for an IPO in the US, September 17, indicating a general rebound in investor interest in new listings.
Following a protracted dry period, US initial public offerings (IPOs) are seeing a respectable uptick this year as more businesses venture into the market, buoyed by the success of well-known listings like Reddit and an increase in stock prices.
However, since Beijing clamped down on offshore capital raising in 2021, the number of initial public offerings (IPOs) by Chinese enterprises in the US has dramatically decreased in the last few years.
The first significant offering by a Chinese firm in the US since ride-hailing behemoth Didi Global was forced to delist its shares in late 2021 due to pressure from Chinese officials was EV maker Zeekr, which made its debut on the New York Stock Exchange earlier this year.
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China’s Yuanbao is an online insurance distributor that offers its clients personalized insurance products via artificial intelligence and data.
According to the company’s IPO filing, as of 2023, it is the biggest independent insurance distributor in China’s personal life, accident, and health (A&H) insurance market in terms of first-year premiums.
About Yuanvao
Yuanbao specializes in personal accident and health (A&H) and life insurance. As of June 30, 2024, it maintains a whole consumer service cycle engine that incorporates over 4,400 interconnected models to optimize purchasing, claim settlements, policy administration, personalized suggestions, and post-sales services. The organization offers a wide range of insurance products, such as life, critical illness, and medical insurance, and works with 69 insurance companies.
