Yuanbao submitted a red herring prospectus for the IPO, with a maximum fundraising of 34.5 million US dollars.

On the evening of April 24th Beijing time, leading insurance technology company Yuanbao submitted its red herring prospectus to the U.S. Securities and Exchange Commission (SEC) and will be listed on Nasdaq with the stock code "YB". Yuanbao plans to issue 2 million American Depositary Shares (ADS) with an offering price range of $13 to $15 per ADS. Assuming the underwriters fully exercise their over-allotment option at the highest end of the price range of $15 per ADS, Yuanbao will issue a maximum of 2.3 million ADS, raising a maximum amount of approximately $34.5 million, with a post-listing valuation of about $681 million. Yuanbao stated that the funds raised in this IPO will mainly be used for the innovation and upgrade of the company's core technological model, expanding consumer reach, and enhancing post-sales service capabilities in claims processing. It will continue to establish itself in the Chinese domestic market to provide affordable insurance coverage to a wider population. According to the prospectus, Yuanbao's revenue for 2022, 2023, and 2024 is projected to be RMB 850 million, RMB 2.045 billion, and RMB 3.285 billion respectively, with annual growth rates of 141% and 61%; The net loss attributable to equity holders for 2022 and 2023 is projected to be RMB 435 million and RMB 333 million respectively, while a net profit of RMB 436 million is projected for 2024. Yuanbao's founder and CEO Fang Rui graduated from Tsinghua University's PBC School of Finance and has over 20 years of experience in financial technology and the internet industry. Previously, Yuanbao has successfully attracted investments from well-known investment institutions such as Hillhouse Capital, Northern Light Venture Capital, Qiming Venture Partners, SIG, Source Code Capital, and K2VC.