Zhibao Technology Inc., a prominent player in the InsurTech sector, has announced a significant expansion of its operations through a strategic acquisition. The company's subsidiary, Zhibao Technology Co., Ltd., has successfully acquired a controlling interest in Zhonglian Jinan Insurance Brokers Co., Ltd. This acquisition, valued at approximately $3.5 million, sees Zhibao securing 51% of Zhonglian Jinan's equity. This move more than doubles Zhibao's branch network and enhances its insurance brokerage capabilities across China. The acquisition provides Zhibao with immediate access to Zhonglian Jinan's existing brokerage licenses and complements its product offerings in various insurance sectors. Zhonglian Jinan has now become a subsidiary of Zhibao Technology, strengthening its position in the evolving insurance brokerage industry in China.
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