Cheche Technology, a Leading Independent Technology Platform for Auto Insurance in China, to be Publicly Listed Through a Merger with Prime Impact Acquisition I (NYSE: PIAI)
Established in 2014, Cheche Technology has pioneered digitizing and empowering the insurance ecosystem to transform industry performance and consumer experience in
Cheche Technology’s primary focus lies in the P&C insurance market in
Cheche Technology expects its unaudited annual revenue for the year ended
The proposed transaction represents a pre-money equity value of
Cheche Technology has created a unique ecosystem with powerful, self-reinforcing network effects. As of
Cheche Technology has scaled its business with a technology-driven, capital-efficient approach and facilitated the issuance of insurance policies with gross written premiums of
Cheche Technology has leveraged its technology capabilities, extensive data sets and understanding of China’s insurance industry to develop and launch two cloud-based SaaS solutions for insurance carriers and intermediaries: Sky Frontier and Digital Surge. Digital Surge is an intelligent one-stop SaaS product that helps insurance intermediaries enhance operating efficiency and meet evolving regulatory requirements. Sky Frontier is an AI-based, SaaS analytics engine that helps insurance carriers optimize underwriting and pricing strategies based on market data and proprietary insights. Through its unique SaaS offerings, Cheche Technology is well-positioned to capture significant opportunities resulting from the accelerating digitalization of the auto insurance market in
Management Commentary
“Based on my many years of successfully investing in Chinese technology companies, I am very supportive of the transaction with Cheche Technology. I believe in the Prime Impact team’s ability to support Cheche Technology’s entry into the public markets and their ability to continuing growing and innovating in the Chinese insurance sector.”
“We are very excited to be working with Lei and his excellent team at Cheche Technology in their next chapter of growth and innovation. We have great respect for the platform that Lei and his technical team have built and the trusted relationships they have developed throughout the industry over the last eight years. We appreciate Lei’s strategy of leveraging their extensive insurance transaction platform to provide scalable SaaS and AI-enable analytic solutions to key stakeholders in the insurance ecosystem. We believe the Cheche Technology transaction platform and suite of SaaS solutions can deliver improvements in efficiency, pricing and risk management and create significant value for their partners, customers and stakeholders.”
“It is our great pleasure to have found Mark and the Prime Impact team last year. We have since engaged in deep discussions on the growth and development trajectories our company should take and believe the seasoned, resourceful Prime Impact team can help us get to the next levels. With extensive experience in capital markets, mergers and acquisitions, particularly with a focus on data and technology centric businesses as well as a profound understanding of the Asian markets, Mark and his colleagues check all of the boxes of the great partners we have been looking for on a long-term basis. 2023 has just begun and will be an important year for us, and we can’t wait to get to work to deliver to our customers better products and services that we are constantly enhancing and refining to add to the greater good of the industry, where we hope to continue to evolve and lead.”
Transaction Overview
The Proposed Transaction values the Combined Company at an implied pro forma enterprise value of approximately
Cheche Technology expects to use proceeds from the Proposed Transaction to accelerate technology development and new market entry while also continuing to invest in growth across existing markets.
The board of directors of both Cheche Technology and Prime Impact have unanimously approved the Proposed Transaction, which is expected to be completed in the third quarter of 2023, subject to, among other things, approval by the shareholders of Prime Impact and Cheche Technology, and satisfaction (or waiver, as applicable) of the conditions stated in the Business Combination Agreement, including regulatory approvals and other customary closing conditions, including a registration statement on Form F-4 (the “Registration Statement”) to be filed by the Combined Company being declared effective by the
Additional information about the Proposed Transaction, including a copy of the Business Combination Agreement and an investor presentation, will be provided in a Current Report on Form 8-K to be filed by Prime Impact with the
Advisors
Investor Conference Call and Other Information
Cheche Technology and Prime Impact have recorded a joint investor conference call discussing the Proposed Transaction.
This release, the investor presentation and the conference call recording are available on the Prime Impact IR website at https://ir.primeimpactcapital.com.
About Cheche Technology
Established in 2014 and headquartered in
About Prime Impact
Prime Impact is a
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements also include, but are not limited to, statements regarding projections, estimates and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the estimated implied enterprise value of the Combined Company, Cheche Technology’s ability to scale and grow its business, the advantages and expected growth of the Combined Company, the Combined Company’s ability to source and retain talent, the cash position of the Combined Company following closing of the Proposed Transaction, Prime Impact’s and Cheche Technology’s ability to consummate the Proposed Transaction, and expectations related to the terms and timing of the Proposed Transaction, as applicable. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Prime Impact’s and Cheche Technology’s management and are not predictions of actual performance.
These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. Although each of Prime Impact and Cheche Technology believes that it has a reasonable basis for each forward-looking statement contained in this press release, each of Prime Impact and Cheche Technology cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. In addition, there will be risks and uncertainties described in the proxy statement/prospectus included in the Registration Statement relating to the Proposed Transaction, which is expected to be filed by the Combined Company with the
Additional Information and Where to Find It
In connection with the Proposed Transaction, Prime Impact and the Company intend to cause a registration statement on Form F-4 to be filed with the
Participants in the Solicitation
Prime Impact, Cheche Technology and their respective directors, executive officers and other members of management and employees may, under
No Offer or Solicitation
This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential Transaction, and does not constitute an offer to sell or the solicitation of an offer to buy any securities of Prime Impact, the Company or the combined company, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.
All currency conversions in this press release based on an exchange rate of USD to RMB: 1 to 6.8972, which is the rate on
[1] According to an industry report commissioned by Cheche Technology and prepared by
2 Gross written premiums based on non-GAAP metric
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Prime Impact:
[email protected]
(650) 825-6965
Cheche Technology:
[email protected]
[email protected]
(646) 652-7185
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