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Zhibao Technology, a Chinese digital insurance brokerage, prices US IPO at $4 per share, at the lower end.

Zhibao Technology, a digital insurance brokerage company based in China, has recently completed an initial public offering (IPO) that raised $6 million by selling 1.5 million shares at $4 each. Despite the low end of the expected pricing range of $4 to $6 per share, the company decided to offer 0.3 million more shares than initially planned, resulting in an IPO float of just 4.7% of the total basic shares outstanding.

Operating under Zhibao China Group, the company specializes in providing digital insurance brokerage services in China using a business-to-business-to-customer (2B2C) digital embedded insurance model. This model involves offering a one-stop customized insurance brokerage service where insurance solutions are digitally embedded in the customer engagement matrix of business entities to effectively reach and serve their existing customer base.

Zhibao Technology launched its digital insurance brokerage platform in 2020 and offers a range of services including insurance brokerage services and managing general underwriting services. The company has plans to list on the Nasdaq under the symbol ZBAO, with EF Hutton serving as the sole bookrunner for the deal.

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