Zhibao Technology, an InsurTech firm offering digital insurance brokerage services in China, has acquired a majority stake in Zhonglian Jinan Insurance Brokers, a licensed insurance brokerage with an expansive national footprint.
The acquisition was executed by Zhibao’s Chinese operating entity, Zhibao Technology Co., Ltd., under a newly signed share purchase agreement.
The transaction sees Zhibao China taking a controlling 51% stake in Zhonglian Jinan for a total purchase price of RMB25.5m (approximately $3.5m). The valuation of 100% of Zhonglian Jinan was set at RMB50m. The deal will be paid in four instalments, with the final payment contingent upon revenue performance. Zhibao China also holds a right of first refusal to acquire an additional 34% stake in Zhonglian Jinan by 2027, depending on performance milestones.
Zhibao is known for providing technology-powered digital insurance solutions across China. The firm aims to reshape traditional insurance models through data-driven platforms and customer-focused services. Zhonglian Jinan, founded in 2015 and headquartered in Ningbo, Zhejiang, operates 58 branches across 28 provinces and 30 cities. In the year ending June 30, 2024, the firm generated RMB191.7m (around $26.3m) in revenue.
With this acquisition, Zhibao expects to more than double its operational branch network. In addition to immediate access to Zhonglian Jinan’s nationwide brokerage licences, which can typically take years to obtain, Zhibao gains geographic reach and regulatory flexibility.
The companies also expect to achieve operational synergies through product integration. Zhonglian Jinan’s offerings in commercial property, accident and health, and logistics insurance will complement Zhibao’s existing products. The acquisition is also expected to strengthen Zhibao’s reach in sectors such as travel, natural gas, medical, and home property insurance.
Following the acquisition, Zhonglian Jinan has become a subsidiary of Zhibao in China.
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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