Zhibao Technology Inc. Announces Closing of Underwriters’ Over-Allotment Option in Connection with Its Initial Public Offering

Shanghai, China, May 15, 2024 (GLOBE NEWSWIRE) -- Zhibao Technology Inc. (Nasdaq: ZBAO) (“Zhibao” or the “Company”), a leading and high growth InsurTech company primarily engaging in providing digital insurance brokerage services through its operating entities in China, today announced that it issued an additional 23,765 Class A ordinary shares of the Company pursuant to the partial exercise of the underwriters’ over-allotment option in connection with the Company’s initial public offering at $4.00 per share, resulting in additional gross proceeds of $95,060.

Total proceeds of the Company’s initial public offering, including the exercise of the over-allotment option, were $6,095,060, before offering expenses and underwriting discounts.

EF Hutton LLC acted as the sole book-running manager for the offering.

A registration statement on Form F-1 (File Number: 333 -274431) relating to the offering, as amended, was filed with the U.S. Securities and Exchange Commission (the “SEC”) and was declared effective by the SEC on March 29, 2024. A final prospectus related to the offering was filed on April 2, 2024, and made available on the SEC's website at http://www.sec.gov. The offering was made only by means of a prospectus, forming part of the effective registration statement. A copy of the final prospectus related to the offering may be obtained from EF Hutton LLC, 590 Madison Avenue, 39th Floor, New York, NY 10022, Attention: Syndicate Department, or via email at [e-mail] or telephone at [phone]. In addition, a copy of the final prospectus relating to the offering may be obtained via the SEC's website at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Zhibao Technology Inc.

Zhibao Technology Inc. (“Zhibao” or the “Company”) is a leading and high growth InsurTech company primarily engaging in providing digital insurance brokerage services through its operating entities (“Zhibao China Group”) in China. 2B2C (“to-business-to-customer”) digital embedded insurance is the Company’s innovative business model, which Zhibao China Group pioneered in China. Zhibao China Group launched the first digital insurance brokerage platform in China in 2020, which is powered by their proprietary PaaS (“Platform as a Service”).