U-BX Technology Raises $10 Million in Funding to Expand Insurance Industry Presence in China

U-BX Technology, a leading provider of services to insurance companies in China, has recently raised $10 million by selling 2 million shares at $5 each. The company offers a range of digital promotion services, risk assessment services, and value-added bundled benefits to its clients.

U-BX Technology’s unique algorithmic model enables it to generate customized risk reports based on various factors such as the vehicle brand, model, travel area, and vehicle age. This allows insurance carriers and brokers to better assess risk and provide more accurate pricing to their customers.

The company serves over 300 city-level property and auto insurance carriers across China, as well as around 200,000 insurance brokers who rely on U-BX Technology’s products and services for their daily operations. The company is planning to list on the Nasdaq stock exchange under the ticker symbol UBXG.

EF Hutton managed the deal and acted as the sole bookrunner for the offering. The successful fundraising round and plans for a Nasdaq listing demonstrate U-BX Technology’s growth and success in the insurance industry in China.