U-BX Technology, a company that offers services to insurance companies in China, has recently raised $10 million by selling 2 million shares at $5 each. The company provides digital promotion services, risk assessment services, and value-added bundled benefits to its clients. Using its unique algorithmic model, U-BX Technology is able to generate customized risk reports based on various factors such as the vehicle brand, model, travel area, and vehicle age.
U-BX Technology serves over 300 city-level property and auto insurance carriers across China, as well as around 200,000 insurance brokers who rely on the company’s products and services for their daily operations. The company is planning to list on the Nasdaq stock exchange under the ticker symbol UBXG. The deal was managed by EF Hutton, who acted as the sole bookrunner for the offering.
Overall, U-BX Technology’s successful fundraising round and plans for a Nasdaq listing demonstrate the company’s growth and success in the insurance industry in China.