Beijing-based online insurance intermediary platform Yuanbao is preparing for a US listing, adhering to regulatory directives to provide necessary information for the initial public offering (IPO).
The online platform is operated by Yuanbao Insurance Brokerage (Beijing) Co, with Yuanbao Digital Technology (Beijing) Co holding 100% of the insurance brokerage.
Earlier this month, the China Securities Regulatory Commission (CSRC) issued a “Public Notice on the Supplementary Materials Required for Overseas Issuance and Listing Registration.” requiring Yuanbao and other companies listed or to be listed overseas to furnish additional information.
The CSRC noted that it requires Yuanbao to provide various supplementary information, including an explanation of compliance with regulations regarding the company’s equity structure, the scale of personal information collected and stored by the company, the use of data collection, any situation of providing information to third parties, and the arrangements or measures for personal information protection and data security before and after the listing.
Additionally, Yuanbao was tasked with explaining equity incentive plans and whether there is any benefit transfer.
In May, the CSRC issued the “Notice on the Registration of Overseas Issuance and Listing of Yuanbao.” The notice indicates that Yuanbao intends to issue no more than 64.5 million common shares and list on either Nasdaq or the New York Stock Exchange.
Officially launched in 2020, Yuanbao has established cooperative relationships with many insurance companies and collaborated with numerous third-party online platforms to embed insurance products in various internet applications to acquire users.
Elsewhere in the IPO space for insurance firms, specialty property and casualty (P&C) insurer Bowhead Specialty Holdings Inc has raised $128 million in a US IPO after increasing the size of its stock sale and pricing shares above a marketed range.
In May, reinsurance group Blue Capital Reinsurance Holdings took a significant step towards its IPO by filing a registration statement with the US Securities and Exchange Commission (SEC).
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