Hong Kong-listed digital insurance leader ZHONGMIAO Holdings (01471) has recently made a strategic investment in Kechuang Rongxin (839037.BJ), a benchmark fintech company on the New Third Board. This strategic move represents more than simple business expansion; it marks a pivotal leap for ZHONGMIAO Holdings' transformation from the insurance technology sector to a comprehensive fintech service provider, signaling the company's entry into a new development phase.

On the policy front, driven by both the financial powerhouse strategy and the domestic substitution wave, China's fintech industry is experiencing historic development opportunities. The "Financial Technology Development Plan (2025-2027)" issued by the People's Bank of China clearly states that by 2027, the digitalization rate of financial institutions will exceed 85%, while accelerating the advancement of information technology application innovation (Xinchuang) substitution processes, injecting new momentum into high-quality development of the financial industry.

The latest research report released by iResearch shows that the market is expected to achieve a compound annual growth rate of 13.3% over the next five years. According to the institution's calculations, by 2028, the market size is projected to exceed 650 billion yuan. Industry analysts believe this development trend aligns with current policy directions, reflecting the potential development space for fintech integration.

**Strategic Synergy: Ecosystem Extension from Insurance Technology to Financial Technology**

Public information shows that ZHONGMIAO Holdings, a subsidiary of Haier Group, serves as a benchmark enterprise in the insurance technology sector, long focusing on intelligent claims processing, risk reduction, and insurance distribution digitalization scenarios. Its technical capabilities and scenario-based solutions have been market-validated.

Kechuang Rongxin is a technology company specializing in fintech and financial information services, primarily providing professional software and data services to financial institutions such as banks and securities companies. With nearly 20 years of experience in financial digitalization services, the company focuses on RMB circulation management and sorting systems as its core business. Its clients include multiple state-owned banks and regional commercial banks, with average profits remaining stable above 30 million yuan over the past six years, demonstrating solid financial performance.

Analysts believe the core logic of this acquisition lies in business scenario complementarity and client resource synergy:

**Technology Integration:** ZHONGMIAO Holdings' insurance technology capabilities (such as intelligent risk control and big data analysis) can combine with Kechuang Rongxin's banking system management experience to jointly develop cross-industry financial digitalization products, such as "bank + insurance" integrated risk management systems.

**Client Resource Sharing:** The banking client base served by Kechuang Rongxin provides ZHONGMIAO Holdings with new business entry points, enabling future provision of risk management services to banks and their stakeholders. Meanwhile, ZHONGMIAO Holdings' insurance institution clients may become potential users of Kechuang Rongxin's financial asset digitalization process management systems and other technologies.

**Scale Effect Enhancement:** Post-acquisition, ZHONGMIAO Holdings' business scale will further expand, with annual revenue and profit levels expected to grow significantly, strengthening capital market confidence.

**Resource Synergy: Strategic Value from Both Perspectives**

For ZHONGMIAO Holdings, this acquisition represents an important strategic move in its "fintech ecosystem" strategy. It breaks through insurance industry boundaries to enter the high-barrier banking market, reducing single-business dependency risks. By leveraging Kechuang Rongxin's mature technology and qualifications, it can rapidly obtain banking sector access credentials, reducing the time and cost of building internal teams. Through Kechuang Rongxin's existing client resources, it can accelerate cross-selling of insurance technology products, creating new revenue growth points.

For Kechuang Rongxin, backing from shareholder ZHONGMIAO Holdings and the Haier Group platform with capital support will provide richer technical resources and R&D investment, enhancing the intelligence level of existing products. Leveraging Haier Group's brand influence can expand non-banking client markets. As a Hong Kong-listed company, ZHONGMIAO Holdings' international capital market platform may provide more possibilities for business expansion.

**Future Outlook: Building a Comprehensive Fintech Service Provider**

Analysts believe that if this transaction is successfully completed, it will not only enhance ZHONGMIAO Holdings' valuation logic in capital markets but may also reshape the competitive landscape in fintech subdivisions. Whether Kechuang Rongxin, as a New Third Board Innovation Layer listed company, has the opportunity to impact the Beijing Stock Exchange, and whether ZHONGMIAO Holdings will pursue a Hong Kong Stock Exchange + Beijing Stock Exchange market layout, remains worth market attention.