Specializing in Internet tactics, a new wave of overseas listings is being led by innovative insurance intermediaries

"Since the beginning of this year, a large number of insurance technology companies have been flocking to overseas listings. These companies are generally good at storytelling, promoting the combination of technology and insurance business. Whether the "technology stories" of these insurance technology companies can be accepted by the capital market remains to be seen."

Compared to traditional insurance intermediaries that rely on agents, a large number of emerging insurance technology companies in China are adept at leveraging the internet.

Many founders of these insurance technology companies come from traditional internet companies, are very skilled in internet operations, and have extensive connections in the investment and financing circles. Through round after round of financing, they have grown and developed.

Since the beginning of this year, several insurance technology companies have already gone public or are preparing to list in Hong Kong and the United States, sparking a wave of IPO fever.

For these insurance technology companies, going public can not only continue to raise funds for development and growth but also provide an exit channel for early-stage investors such as VCs and PEs.

The latest one is Iyunbao.

In early July, the official website of the China Securities Regulatory Commission released the "Notice of Overseas Issuance and Listing Filing of Iyunbao Technology Ltd.", stating that Iyunbao plans to issue no more than 43.89 million common shares and list on the Nasdaq Stock Market or the New York Stock Exchange in the United States.

Iyunbao is a technology service platform dedicated to empowering insurance practitioners, using technologies such as artificial intelligence and big data to provide a "technology + service" solution for insurance institutions and practitioners.

In 2018, it completed a RMB 130 million Series A financing round led by Yixin, followed by a RMB 200 million Series A+ round in 2019, and a Series B round in 2020.

Iyunbao's operating entity in China is Shanghai Baoyun Network Information Service Co., Ltd., which owns Baotong Insurance Agency Co., Ltd.

Its operating model involves connecting with insurance companies upstream, launching its own pool of insurance products, connecting with agents downstream, and promoting products.

The founder of Iyunbao, Li Zhe, previously served as a product manager at Zhongan Online.

In addition to Iyunbao, in February this year, Zhibao Tech went public on the Nasdaq, and in March, Youjia Insurance also listed on the Nasdaq.

Zhibao Tech holds two brokerage licenses for Sunshine Insurance Brokers (Shanghai) Co., Ltd. and Tianjin Sunshine Insurance Brokers Co., Ltd.

Zhibao Tech mainly provides customized digital insurance solutions for B2B channels.

In simple terms, it embeds its insurance database into the products of B2B enterprises and sells them to C-end consumers.

The founder of Zhibao Tech, Ma Botao, previously held a senior position at the foreign-controlled Weilai Insurance Brokers Co., Ltd.

Youjia Insurance focuses on using AI-driven technology to provide value-added services to insurance companies and insurance brokers, although it does not have insurance agency or brokerage licenses itself.

The founder of Youjia Insurance, Chen Jian, previously worked at Qunar and Autohome In addition, in June of this year, Yishengxin Technology Co., Ltd. took a crucial step towards its IPO by submitting a prospectus to the U.S. Securities and Exchange Commission, aiming to raise $6 million.

Yishengxin Technology specializes in post-auto insurance value-added services, software development, information technology services, and other scenario-based customized services.

On May 30th, the China Securities Regulatory Commission issued a notice regarding Yuanbao Inc.'s overseas issuance and listing application. The notice indicated that Yuanbao plans to issue no more than 64.5 million common shares and list on either the NASDAQ or the New York Stock Exchange in the United States.

Yuanbao's founder Fang Rui was formerly a vice president at NetEase, responsible for technical development and establishing financial businesses such as NetEase Pay, with 17 years of work experience at NetEase.

Hengguang Holdings had already submitted its IPO prospectus to the U.S. as early as January 2022, and it is currently in progress. In May 2024, the CSRC requested supplementary materials for its overseas issuance.

Apart from the U.S. stock market, listing in Hong Kong is also an important channel for these insurance technology companies.

Shouhui Technology Co., Ltd. submitted its Hong Kong IPO prospectus in January 2024, but the latest information shows that the IPO prospectus of Shouhui Technology expired on July 12th. If they apply for listing, they will need to resubmit their application.

Shouhui Technology's founder Guangyao previously served as a product manager at Tencent.

In April of this year, Zhongmiao Innovation Technology (Qingdao) Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange. Zhongmiao Innovation is a member of the Haier Group, with its main operating entity being Qingdao Haier Insurance Agency Co., Ltd.

Since its initial submission to the Hong Kong Stock Exchange in October 2021, Yuancen Technology has submitted applications five times and passed the listing hearing in February this year.

In addition to these insurance technology companies, in the past, many insurance intermediaries such as Huize, Waterdrop, and Cheche Technology have listed on the NASDAQ. In particular, Waterdrop was once known as the "first insurance technology stock from China" on the NYSE.

These insurance intermediaries are adept at storytelling, promoting the integration of technology with insurance business to enhance service efficiency. Of course, the currently popular AI technology has become a standard storytelling tool for these companies in the capital market.

However, the quality of these insurance intermediaries' "technology stories" and whether they will be accepted by the capital market remain to be seen