Shanghai, China--(Newsfile Corp. - August 30, 2024) - Zhibao Technology Inc. (NASDAQ: ZBAO) ("Zhibao" or the "Company"), a leading and high growth InsurTech company primarily engaged in providing digital insurance brokerage services through its operating entities in China, today announced that it has won a tender to provide high-end medical third party administration ("TPA") services to the People's Insurance Company of China Limited, one of the largest insurance groups in China ("PICC Group").

This tender designated Zhibao as one of the four exclusive vendors authorized to provide TPA services to all PICC Group subsidiaries, including PICC Property & Casualty (P&C), PICC Health, PICC Life, etc. valued at CNY 28 million over the 3-year period.

The Company was one of four providers selected from a pool of 8 candidates to provide services for a period of 3 years from 2024 to 2027. Bidders were assessed on a variety of factors, including but not limited to, operational ability, experience and track record providing similar services, price, and the merits of the proposed service plan, by both PICC Group and an independent assessor.

This tender provides Zhibao access to PICC's substantial footprint and distribution ability, including over 3,000 branch offices, including 36 provincial-level branches nationwide. This greatly benefits the Company's Managing General Underwriting (MGU) business division, and deepens its relationship with PICC, providing synergy to the main to-Business-to Consumer (2B2C) embedded digital insurance brokerage business.

"We are delighted to announce that we have been awarded this significant tender, which we believe will enhance our credibility within the insurance sector. This achievement is a vote of confidence in our track record and expertise in the high-end medical field, both of which were key factors in our successful bid," said Botao Ma, Founder, Chairman and Chief Executive Officer of Zhibao Technology. "This partnership will allow us to develop a reliable revenue stream, provide ample opportunities to diversify our business activities, deepen our relationships with the PICC Group, enhance our cash flow position, and strengthen our path to profitability."

PICC Group is the ninth-largest insurance group globally by premiums written in 2021, according to AM Best, following Allianz Group in the ranking study. PICC P&C is the second largest P&C insurer globally in terms of P&C premiums written in 2023 according to S&P Global, behind State Farm.

About Zhibao Technology Inc.

Zhibao Technology Inc. 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").

Zhibao has developed more than 40 proprietary and innovative digital insurance solutions addressing different scenarios in a wide range of industries, including but not limited to travel, sports, logistics, utilities, and e-commerce. Zhibao China Group acquire and analyze customer data, utilize big data and artificial intelligence technology to continually iterate and enhance its digital insurance solutions. This iterative process, in addition to continually improving its digital insurance solutions, will keep the Company abreast of the new trends and customer preferences in the market.

For more information, please visit the Company's website at ir.zhibao-tech.com.

About The People's Insurance Company of China Limited (PICC Group)

People's Insurance Co. of China Ltd. (PICC Group) is a holding company principally engaged in the provision of insurance products. Along with subsidiaries, the Company is mainly engaged in property insurance, health insurance, life insurance, reinsurance, Hong Kong insurance, pension insurance and operating insurance business. The property insurance business mainly includes the provision of property insurance products for companies and individuals, including motor vehicle insurance, agricultural insurance, property insurance and liability insurance. The health insurance business mainly includes health and medical insurance products. The life insurance business mainly includes life insurance products, including participating, endowments, annuity and universal life insurance products. Hong Kong insurance business includes property insurance business in Hong Kong, China. The pension insurance business includes business annuities and occupational annuities.

For more information, please visit the Company's website at https://www.picc.com/.

Forward-Looking Statements

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "is/are likely to," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions, and other factors discussed in the "Risk Factors" section of the registration statement filed with the SEC. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov.

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