IPO - Yuanbao Inc.

Form Type: 424B4

Filing Date: 2025-04-30

Corporate Action: Ipo

Type: New

Accession Number: 000119312525107431

Filing Summary: Yuanbao Inc. is offering an initial public offering (IPO) of 2,000,000 American Depositary Shares (ADSs), with each ADS representing six Class A ordinary shares priced at $15.00 per share, amounting to a total offering of $30 million. The ADSs will be listed on Nasdaq under the symbol 'YB.' The structure of Yuanbao Inc. is as a Cayman Islands holding company, conducting operations primarily through its wholly-owned subsidiaries in mainland China. There are significant legal restrictions on foreign ownership in certain industries in China, which are mitigated for investors through contractual arrangements with a Variable Interest Entity (VIE). However, these arrangements carry risks, such as potential future changes in Chinese laws that could impact enforceability and the ability to consolidate financial results. The company has reported significant revenue growth, achieving a 60.6% increase from RMB 2,045.2 million in 2023 to RMB 3,284.5 million (US$450.0 million) in 2024 and net incomes of RMB 205.2 million and RMB 865.8 million (US$118.6 million) for the respective years. This IPO is part of a broader strategy, providing capital for expansion, while existing shareholders have also committed to purchasing additional shares as part of concurrent private placements.

Form Type: F-1/A

Filing Date: 2025-04-24

Corporate Action: Ipo

Type: New

Accession Number: 000119312525092670

Filing Summary: Yuanbao Inc. is conducting an initial public offering (IPO) of American depositary shares (ADSs), offering 2,000,000 ADSs representing 12,000,000 Class A ordinary shares. The anticipated IPO price range is between US$13.00 and US$15.00 per ADS. Yuanbao Inc. is a Cayman Islands holding company that operates primarily through wholly-owned subsidiaries in mainland China and has a unique structure involving contractual arrangements with a variable interest entity (VIE). This setup allows consolidation of financial results despite not owning equity in the VIE. The company aims to capitalize on the growing online insurance distribution market, reporting significant revenue growth and profitability within a short span since inception. Major shareholders will retain substantial voting power post-offering, raising potential control concerns. The document outlines risks associated with regulatory changes in China that could impact operations and the enforceability of its VIE structure, as well as financial details pertinent to the IPO.

Form Type: F-1/A

Filing Date: 2025-03-17

Corporate Action: Ipo

Type: New

Accession Number: 000119312525055523

Filing Summary: Yuanbao Inc. is conducting an initial public offering (IPO) of American Depositary Shares (ADSs), representing Class A Ordinary Shares. There has been no public market for the ADSs prior to this offering. The company anticipates a price range for the ADSs to be established, with plans to list on the Nasdaq under the symbol 'YB'. Yuanbao Inc. is a Cayman Islands holding company focused on technology-driven online insurance distribution in China, primarily operated through its mainland China subsidiaries and a variable interest entity (VIE) structure. The company generated revenues of RMB3,284.5 million (US$450.0 million) in 2024, showing significant growth and profitability shortly after inception. Risks are associated with the regulatory framework in China, including limitations on foreign investment and compliance with local laws. These factors may affect financial performance and the price of the ADSs. Investors will not hold direct equity interests in the VIE due to existing legal restrictions in mainland China, raising concerns about the enforceability of contractual arrangements that could impact the company's valuation and operational capacity.