Weibao Tech Secures Back-to-Back Strategic Investments from SinoSoft and Dahengqin Innovation, Files IPO Prospectus After Three Funding Rounds in Six Months

Following the completion of its Series B financing in June, Beijing CHINAVBAO Technology Co., Ltd. recently announced that it had securedSinosoft Technology Co., Ltd.andZhuhai Dahengqin Innovation Development Co., Ltd.Secured tens of millions in strategic investments during Series B+ and B++ rounds. This marks the third consecutive round of financing completed by CHINAVBAO this year. The entry of state-owned shareholders will provide CHINAVBAO with strategic resources for technological transformation in the insurance industry, as well as resources supporting national strategic development in the Hengqin Deep Cooperation Zone. This will empower CHINAVBAO to unlock the technological potential within the insurance industry value chain, making new contributions to both the insurance sector and national strategies.

Founded in 2014, CHINAVBAO is the first insurtech company to provide digital transaction services for the insurance industry. Its service portfolio includes the “Weixiaobao” SaaS, a unified insurance payment platform; the “Weiyunbao” SaaS, a unified insurance trading platform; and the “Fengchao” (Hive) SaaS, an empowerment platform for independent agents. By eliminating bottlenecks in payment transactions across the insurance industry chain, it has significantly enhanced operational efficiency and reduced transaction costs.

CHINAVBAO has entered the insurance industry through the payment segment. To address pain points such as high costs, delayed updates, and difficulties in integrating payment interfaces incurred by insurance companies during premium collection and disbursement, CHINAVBAO launched “Weixiaobao,” a unified industry payment platform. This platform integrates the entire business chain, including insurance companies, payment channels, and consumer-side collections, thereby optimizing payment efficiency and user experience. It has significantly enhanced financial fund management and operational efficiency in premium collection and disbursement, leading to continuous improvements in customer repurchase rates and business penetration among its key clients. Currently, the company serves over 60 insurance company clients, including Sunshine Insurance Group and Huaxia Life Insurance, as well as more than 10 banks and payment institutions, with cumulative premium transaction volume exceeding hundreds of billions of yuan.

Since late 2019, CHINAVBAO has deepened its involvement from the payment stage to the insurance transaction stage. By the end of 2020, it launched the “Wei Yun Bao” transaction service platform and the “Hive” SaaS solution. Addressing key pain points in the insurance brokerage and distribution sector—such as difficulties in product integration, reconciliation, settlement, customer acquisition, and conversion—the company entered the market by providing payment tools and linking insurance companies, brokerage firms, and distribution platforms. It has gradually evolved into a comprehensive industry supply-and-demand transaction service provider. Currently, nearly 100 institutions have joined the Wei Yun Bao platform, with annual premium transaction volume exceeding RMB 200 million within just one year.

The founder and core team of CHINAVBAO hail from insurance companies, payment firms, and renowned IT enterprises. Yang Bin, the Founder and CEO, previously worked for two insurance giants, Ping An Insurance and New China Life Insurance. Yang stated that the insurance industry is currently at a critical juncture of transformation and upgrading, shifting from an extensive growth model to a refined operational service model. CHINAVBAO’s vision is to align with this reform trend by serving the digital reconstruction of the entire supply and demand business chain in the insurance industry. From the perspective of industrial internet, it aims to build a platform capable of providing comprehensive transaction services, thereby helping the industry achieve overall digital transformation.

Sinosoft Technology Co., Ltd. is the leading IT enterprise in the insurance industry. After 25 years of development, it has become the only domestic provider offering comprehensive software solutions for all insurance business lines, and has ranked first in market share in the field of insurance informatization for many consecutive years. As of the end of 2020, the company served 176 domestic insurance company clients. This investment is based on an assessment of CHINAVBAO’s core payment capabilities and recognition of its future industrial vision. In the future, the two parties will complement each other in product and service capabilities, joining forces to build a more efficient IT infrastructure for the insurance industry.

Zhuhai Da Hengqin Innovation Development Co., Ltd. is a subsidiary of Zhuhai Da Hengqin Group Co., Ltd., which has total assets exceeding RMB 100 billion. The company focuses its investments in emerging industries such as specialized finance, healthcare, cross-border trade, cultural tourism and exhibitions, and professional services. Located in the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, the company leverages its unique geographical advantages to embrace a broader international perspective. In the future, it may join forces with CHINAVBAO to pioneer new explorations in the insurance industry.