Beijing-based online insurance brokerage platform Yuanbao is preparing for a US listing, adhering to regulatory guidance to provide information necessary for an initial public offering (IPO).

The online platform is operated by Yuanbao Insurance Brokerage (Beijin) Co., where Yuanbao Digital Technology (Beijing) Co. owns 100% of the insurance brokerage.

Earlier this month, the China Securities Regulatory Commission (CSRC) issued a “Public Notice on Supplementary Materials Required for Issuance and Overseas Listing Registration.” Require Yuanbao and other companies listed or to be listed abroad to provide 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 share structure, the amount of personal information the company collects and stores, the use of data collection, any situation regarding providing information to third parties, and arrangements or measures to protect the information. Personal and data security before and after listing.

In addition, Yuanbao was tasked with explaining the stock incentive plans and whether there would be any transfer of benefits.

In May, the Securities and Exchange Regulatory Commission issued a “Notice on Overseas Issue Registration and Listing of Yuanbao.” The notice indicates that Yuanbao intends to issue no more than 64.5 million common shares and list on the Nasdaq or the New York Stock Exchange.

Officially launched in 2020, Yuanbao has established cooperative relationships with many insurance companies and cooperated with many third-party online platforms to embed insurance products in various Internet applications to acquire users.

Other developments in the insurance IPO

Elsewhere in the insurance IPO space, specialty property and casualty insurer Bowhead Specialty Holdings Inc raised $128 million in a US initial public offering after increasing the volume of its share sale and pricing shares above the marketed range.

In May, reinsurance group Blue Capital Reinsurance Holdings took a significant step toward an IPO by filing a registration statement with the U.S. Securities and Exchange Commission (SEC).

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