Yuan Bao publicly submitted its prospectus in the United States, becoming the second largest distributor in the life insurance market.

On September 17th, Beijing time, the leading insurance technology company Yuanbao submitted its IPO prospectus to the U.S. Securities and Exchange Commission (SEC) for listing on the Nasdaq with the stock code "YB". The IPO is underwritten by well-known investment banks such as Goldman Sachs, Citigroup, China International Capital Corporation (CICC), and Tiger Brokers. According to the prospectus, Yuanbao focuses on the internet life insurance sector, with its core business model being the customization and distribution of life insurance products in collaboration with insurance companies, as well as providing post-sales services such as claims for customers. Based on Sullivan's data, in terms of first-year premium income, Yuanbao is the second largest distributor in China's life insurance market; excluding those attachment-type insurance distributors incubated by first-tier internet giants, Yuanbao is already the largest independent insurance distributor in China's life insurance market. Yuanbao's rapid rise and steady growth is attributed to its precise understanding of the opportunity in the inclusive health insurance market. Leveraging internet channels and technological advantages, Yuanbao has successfully tapped into the untapped lower-tier markets that traditional insurance models find difficult to penetrate and serve. Furthermore, Yuanbao's unique "AI + insurance" model has become its core competitive advantage. As of the end of June this year, Yuanbao had a total of 430 employees, with 267 of them in research and development, accounting for 62.1%. The funds raised from this IPO will mainly be used for technology research and development, market expansion, continuous enhancement of the company's core technology models and data insight capabilities, and the expansion of consumer reach and post-sales service capabilities such as claims.