Chinese broker Yuanbao files IPO in US

The company's revenue for 2023 increased to $289.02m.

Chinese insurance broker Yuanbao filed for an initial public offering (IPO) in the US on Tuesday, reported Reuters. 

The IPO market in the US is seeing a revival after a prolonged slowdown, boosted by high-profile listings such as Reddit and a broader equity market rally. 

However, IPOs by China-based companies in the US have significantly declined since Beijing tightened regulations on offshore capital raising in 2021.

Yuanbao, an online insurance distributor, uses data and artificial intelligence to provide customiSable insurance plans. 

It is the largest independent distributor in China’s personal life and accident and health insurance market based on first-year premiums in 2023, according to its IPO filing.

The company's revenue for 2023 increased to $289.02m. First-year premiums more than doubled to $2.48b. Yuanbao plans to list on the Nasdaq under the ticker "YB," with Goldman Sachs, Citigroup, and CICC as lead underwriters.