KEY HIGHLIGHTS

• Subsidiary Board Approval: Zhibao Labuan Reinsurance Company Limited ("Zhibao Labuan Re"), a key reinsurance subsidiary of Zhibao Technology Inc. (NASDAQ: ZBAO) ("Zhibao," "we," or the Company), announces that its Board of Directors has formally passed a corporate resolution approving the exploration of a potential capital injection of $32 million in digital assets.
• Strengthening Reinsurance Capacity: The proposed capital allocation is structured to bolster Zhibao Labuan Re's capital position, enhance its risk-retention capabilities, and fund ongoing business expansion across mainland China and Southeast Asian reinsurance corridors.
• Bolstering Risk Transfer Ability from Mainland China: The proposed capital allocation is designed to bring Zhibao Labuan Re above the threshold set forth by the Chinese National Finance Regulatory Administration (NFRA) to lead treaties reinsuring mainland Chinese insurers directly.

Shanghai, China--(Newsfile Corp. - September 22, 2026) - Zhibao Technology Inc. (NASDAQ: ZBAO) ("Zhibao," "we," or the "Company"), a leading high-growth InsurTech company and pioneer of the 2B2C digital embedded insurance model in China, today announced that the Board of Directors of its reinsurance subsidiary, Zhibao Labuan Reinsurance Company Limited ("Zhibao Labuan Re"), has executed a board resolution approving the exploration of digital asset capital injection into the subsidiary.

The resolution establishes the operational framework and corporate authorization required to explore an increase of Zhibao Labuan Re's capital base to US$32 million via injection of digital assets, pending approval from Labuan's regulator. This financial reinforcement is designed to expand the subsidiary's underwriting capacity, support solvency requirements, and accelerate its business development efforts in international reinsurance markets, including Hong Kong and Southeast Asia.

The proposed capital injection is designed to bring Zhibao Labuan Re's capitalization in line with guidelines from China's National Finance Regulatory Administration (NFRA) governing foreign reinsurers accepting Chinese risks and directly lead treaties reinsuring mainland Chinese insurance companies.

"Zhibao Labuan Re is a core pillar of Zhibao Technology's overall strategy, and a key driver of the Company's overseas expansion growth initiative," said Mr. Botao Ma, Director of Zhibao Technology and Zhibao Labuan Re. "Exploring the use of digital assets to increase Zhibao Labuan Re's capitalization is particularly interesting given the Company's digital asset initiatives after our PIPE transaction, provided it is approved and admissible by the local regulator."

"If completed, the increased capitalization of Zhibao Labuan Re will greatly further its ability to accept risk from mainland Chinese carriers and fulfill its mandate to reinsure business produced by Zhibao's other operating entities in China while pushing into Hong Kong and SEA reinsurance markets," said Mr. Guangtong Ren, Principal Officer of Zhibao Labuan Re. "I look forward to working with the Directors and my staff to carry out the required exploration work and push forward this important initiative."

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 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, utilizes 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.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 our annual reports on Form 20-F (as amended) and registration statements on Form F-1 (as amended) that have been filed or will be filed from time to time 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 statements 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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Source: Zhibao Technology Inc.