Iyunbao, a technology service platform company that provides solutions for insurance entities using technologies such as artificial intelligence and big data, is the latest InsurTech to announce plans for a listing in the US.
On 5 July 2024, the "Notice of Overseas Issuance and Listing Filing of Iyunbao Technology Ltd” was published on the website of the China Securities Regulatory Commission, stating that Iyunbao plans to issue no more than 43.89m ordinary shares and list on the Nasdaq Stock Market or the New York Stock Exchange.
Shanghai-headquartered Iyunbao, founded in 2015, is reported to have completed its B round of financing in 2020, a CNY200m A+ round of financing in 2019, and a CNY130m A round of financing in 2018.
In recent years, several InsurTech companies in China have listed or plan to list on the Hong Kong or US bourses. For instance, Youjia Insurance which has a platform linking healthcare, insurance and customers, raised $10m in March 2024 on Nasdaq. Zhiibao Technology, an InsurTech company primarily engaged in providing digital insurance brokerage services, raised $6m on Nasdaq in April.
Beijing-based Yuanbao, an online insurance brokerage company, also plans to issue no more than 64.5m common shares in the US.