IPO - Yuanbao Inc.

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.

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