Zhibao Technology Inc.

Zhibao Technology Inc. announced significant changes to its board and management team. Yuanwen Xia resigned from his roles as Director and Chief Financial Officer, along with three independent directors: Armando Luis Baez, Stephen Bernardez, and Jeffery Rong Cai. The company appointed Guangtong Ren as the new Director and Chief Financial Officer, and Jun Ma, YiYun Dai, and Han Tang as new independent directors, effective July 1, 2026. The new independent directors have also been assigned to various board committees.

Zhibao Technology Inc. filed Amendment No. 2 to its F-1 registration statement, primarily updating information on indemnification of directors and officers and detailing recent sales of unregistered securities. The filing outlines a series of corporate actions from 2023 to 2026, including the adoption of a dual-class share structure with Class A and Class B ordinary shares, and various issuances of shares, convertible notes, and warrants to investors like L1 and Hudson. As of April 20, 2026, the company reported 34,061,692 ordinary shares outstanding.

Zhibao Technology Inc. filed an amendment to its F-1 registration statement to register up to 23,777,779 Class A ordinary shares for resale by 3i, LP, which are convertible from senior secured promissory notes. The company will not receive any proceeds from this resale. The filing also extensively details significant regulatory and operational risks associated with its Cayman Islands holding company structure and PRC subsidiaries, including compliance with China's New Overseas Listing Rules and potential delisting under the HFCA Act due to auditor inspection challenges.

Zhibao Technology Inc. filed an F-1 registration statement for the offering and resale of up to 23,777,779 Class A ordinary shares by 3i, LP, a selling shareholder. The company will not receive any proceeds from this sale. Zhibao Technology operates as a Cayman Islands holding company with operations primarily through its PRC Subsidiaries, providing digital insurance brokerage services. The filing highlights significant risks related to operating in China, including potential regulatory intervention, the requirement for CSRC filing for overseas offerings, and the delisting risk under the HFCA Act. The company is an emerging growth company, foreign private issuer, and controlled company, with its CEO holding approximately 93.8% of total voting power.