Zhibao Technology Subsidiary Sunshine Insurance Brokers Wins Contract to Provide "Hui Jia Bao" Inclusive Homeowners' Insurance in Nanjing

Shanghai, China--(Newsfile Corp. - September 10, 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 Sunshine Insurance Brokers ("Sunshine"), one of the Company's subsidiaries, has won a contract to provide "Hui Jia Bao" (an inclusive homeowners' insurance product offered by the Company) ("Hui Jia Bao") in Nanjing, China. Marketed as "Ning Jia Bao" in Nanjing, this implementation of Company's Hui Jia Bao product is insured by a panel of six leading insurers, led by the People's Insurance Company of China ("PICC")'s Nanjing branch.

Hui Jia Bao is one of the Company's 40+ Digital Insurance Solutions; The Company first introduced the first project in Quanzhou, China in December 2023. Since then, the Company has deployed the "Hui Jia Bao" solution in nine other cities or regions in China. Nanjing is the capital of the prosperous Jiangsu Province and is home to over 9 million residents.

Starting at only CNY 99 per year, Hui Jia Bao is a "starter-level" insurance product, designed to provide homeowner's insurance coverage in cities around China. Through the Hui Jia Bao solution, the Company expects to fill a critical coverage gap in the insurance market in China by working with local government entities and insurers to bring down the barrier for millions of Chinese residents to obtain homeowners' insurance. In conjunction with "Hui Min Bao" (an inclusive medical insurance product), the Company is providing disadvantaged or low-income individuals and families with access to critical insurance coverage that might protect from severe financial hardship should an unexpected situation arise by offering more affordable and inclusive insurance products.

Management projects that the Hui Jia Bao solution will generate up to CNY 230 million in premium, and up to CNY 46 million in revenue to Company over the next three years.

"We are proud of securing this contract for the expansion of the 'Hui Jia Bao' Inclusive Homeowners' Insurance product. We are looking forward to providing innovative and important insurance products to the residents of Nanjing, assisting in closing the important coverage gap in our nation, and providing substantial revenue and profitability catalysts for our business," said Luo Xiao, General Manager of Sunshine.

"Our Hui Jia Bao and Hui Min Bao Solutions allow us to provide products and services that truly benefit and improve the lives of our customers and society, a key mission of our business" said Botao Ma, Founder, Chairman and Chief Executive Officer of Zhibao.

The Company is in continued discussions to launch the Hui Jia Bao and Hui Min Bao products additional cities in Jiangsu, Fujian, Yunnan, Qinghai, Shandong, Hebei, Guangdong and Guangxi over the next three years.

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 www.zhibao-tech.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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