Main Group, a digital insurance coverage dealer in China, goals to go public following a definitive enterprise mixture settlement with clean test firm Healthcare AI Acquisition Company (HAIA).
The merger will end in Main Group rising because the surviving entity, with a valuation of round $430m.
Main Group and HAIA additionally goal to boost one other $50m via personal placement.
The dealer eyes a list on the Nasdaq Inventory Market upon the merger’s completion.
Publish-transaction, Main Group’s shareholders will maintain a majority of the mixed firm’s shares, with the corporate retaining majority of the board of administrators.
Working inside China’s insurance coverage providers sector, Main Group has established itself as an insurance coverage channel specialist.
Entry essentially the most complete Firm Profiles
in the marketplace, powered by GlobalData. Save hours of analysis. Acquire aggressive edge.
Firm Profile – free
pattern
Thanks!
Your obtain e-mail will arrive shortly
We’re assured in regards to the
distinctive
high quality of our Firm Profiles. Nevertheless, we would like you to take advantage of
helpful
determination for your enterprise, so we provide a free pattern that you would be able to obtain by
submitting the under kind
By GlobalData
Its digital brokerage licence and built-in advertising and marketing providers facilitate insurance coverage carriers in buyer acquisition and premium gross sales progress.
The corporate’s providers are designed to supply visibility and growth for gross sales channels whereas offering customised options for particular person and company policyholders.
The corporate plans to make use of the capital from the merger to gas natural progress inside China.
Main Group chairman Ross Benson mentioned: “We’re excited in regards to the contemplated Nasdaq itemizing which is able to present Main Group with a platform for progress capital and investor participation in one of many world’s largest evolving insurance coverage markets.
“Main Group has a web-based pedigree with a powerful accomplice and gross sales channel community. As a B2B participant within the insurance coverage providers market, the China market supplies a panorama with important progress potential.”
HAIA chairman and CEO Jiande Chen mentioned: “We consider that Main Group is effectively positioned to develop as an insurance coverage channel specialist by offering digital insurance coverage brokerage and tailor-made options to its enterprise companions.
“We’re delighted to help Main Group in its transition to a public firm. We’re inspired by the dedication of the Main Group senior administration staff to attain a profitable transaction and to their dedication in rising the enterprise in what we consider is a quickly increasing China marketplace for Insurance coverage Companies.”
The deal has acquired unanimous approval from each firms’ boards and is because of shut within the fourth quarter of 2024.
That is contingent on shareholder approval from each Main Group and HAIA, in addition to commonplace closing circumstances and regulatory clearances.
