Key Highlights

• Zhibao Labuan Reinsurance Company Limited is pleased to welcome Ms. Jun Xu to its board as Independent Director, bringing exceptional depth of international insurance and reinsurance expertise to the company's leadership.

• Ms. Xu brings over 30 years of senior leadership experience across Lloyd's, Hannover Reinsurance, and Ping An Insurance, spanning reinsurance, market development, and regulatory affairs in China.

• Her appointment follows Zhibao Labuan's receipt of a Financial Strength Rating of B+ (Good) and Long-Term Issuer Credit Rating of "bbb-" (Good) from AM Best in November 2025, with a stable outlook.

• Ms. Xu's extensive regulatory relationships and MGA/coverholder expertise are a wonderful complement to Zhibao Labuan's strategy to build its reinsurance operations and market presence.

Shanghai, China--(Newsfile Corp. - May 15, 2026) - Zhibao Technology Inc. (NASDAQ: ZBAO) ("Zhibao," or the "Company"), a leading and high-growth InsurTech company primarily engaging in providing digital insurance brokerage services through its operating entities in China, today warmly welcomed Ms. Jun XU (Christina) as an Independent Director on the board of its wholly owned subsidiary, Zhibao Labuan Reinsurance Company Limited ("Zhibao Labuan"), a company incorporated in Malaysia and licensed to conduct general reinsurance operations.

A Warm Welcome to an Industry Leader

Ms. Xu joins Zhibao Labuan's board with over 30 years of distinguished experience in the global insurance and reinsurance industry. Her career spans senior leadership roles at some of the most respected international and domestic insurance institutions in China, giving her a rare combination of regulatory insight, market development expertise, and deep cross-border industry knowledge that beautifully complements Zhibao Labuan's strategic ambitions.

Most recently, Ms. Xu served as Chief Operating Officer and Deputy General Manager at Lloyd's Insurance Company (China) Ltd., where she spent more than 15 years in progressively senior roles. In these capacities, she was instrumental in shaping Lloyd's China strategy, driving operational efficiency, advancing the MGA and coverholder model in the Chinese market, and nurturing key relationships with regulators, government authorities, trade organizations, and major industry stakeholders. Notably, Ms. Xu facilitated the introduction of the first Chinese entrepreneur to secure a place in Lloyd's Lab Cohort 11 - a proud milestone for innovation in China's insurance industry.

Prior to Lloyd's, Ms. Xu served as Chief Representative at the Hannover Reinsurance Company Shanghai Representative Office, where she helped establish and grow the company's China presence over more than a decade. Her responsibilities included developing a specialty reinsurance portfolio encompassing facultative reinsurance, agriculture, alternative risk transfer, casualty, and credit reinsurance. Before that, she held a senior management role in the Reinsurance Department of Ping An Insurance Company of China, where she contributed to treaty renewals, reinsurance system development, and operational governance across branches and affiliates.

Ms. Xu holds a Master of Business Administration from Shanghai Maritime University and a Bachelor of Arts in Technological German from Tongji University. She also completed the Developing Leaders at Lloyd's Program at London Business School. She is a Council Member of the Shanghai Institute of Marine Insurance and serves on multiple committees of the Insurance Association of China and the Shanghai Insurance Association.

"We are truly delighted to welcome Ms. Jun Xu to the Zhibao Labuan board," said Zhibao's Chairman and CEO, Mr. Botao Ma. "Ms. Xu is a wonderful addition to our team, and her remarkable career - spanning Lloyd's, Hannover Re, and Ping An - brings a uniquely holistic perspective on both the Chinese insurance market and international reinsurance operations. Her deep regulatory relationships, market development experience, and mastery of the MGA and coverholder ecosystem are gifts to Zhibao Labuan as we build our presence and move toward operations. We feel very fortunate to have her with us."

Mr. Guangtong (Arthur) Ren, Principal Officer of Zhibao Labuan, added: "I am personally thrilled to welcome Ms. Xu to our board. Her warmth, wisdom, and firsthand experience navigating the Chinese regulatory landscape and building distribution frameworks for international (re)insurers are exactly what we need at this exciting stage of our journey. I very much look forward to the privilege of working with her."

Ms. Jun Xu commented: "I am truly honored and delighted to join the board of Zhibao Labuan as an Independent Director. Zhibao has built something genuinely impressive - an innovative and forward-thinking InsurTech platform that is reshaping how insurance services are delivered in China. The establishment of Zhibao Labuan is a bold and exciting step, and I look forward with great enthusiasm to contributing my experience in support of the company's responsible, sustainable, and rewarding growth in the international reinsurance market."

About Zhibao Labuan

Zhibao Labuan, which was founded in April 2025 and received its general reinsurance license in July 2025, was created to reinsure a share of business produced by Zhibao's operating entities, including Sunshine Insurance Brokers and Zhibao Health, in China. The subsidiary also enables Zhibao to tap into an additional revenue stream through reinsurance premiums and the potential for underwriting profits based on the performance of the reinsured policies. In November 2025, Zhibao Labuan received a Financial Strength Rating of B+ (Good) and a Long-Term Issuer Credit Rating of "bbb-" (Good) from AM Best, with a stable outlook.

As of the date of this press release, Zhibao Labuan has not commenced operations.

About Zhibao Technology Inc.

Zhibao Technology Inc. (NASDAQ: ZBAO) is a leading 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 over 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 acquires and analyzes customer data, utilize big data and AI technology to continually iterate and enhance its digital insurance solutions. This iterative process, in addition to continually improving its digital insurance solutions, will keep it abreast of the new trends and customer preferences in the market. For more information, please visit: ir.zhibaotech.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/297615

Source: Zhibao Technology Inc.