U-BX was incorporated on June 30, 2021, in the Cayman Islands. U-BX does not have material operations of its own. We conduct business through the PRC Operating Entities. (Incorporated in the Cayman Islands) 

Since U-BX China’s establishment in 2018, the PRC Operating Entities have used AI-driven technology to provide value-added services to the insurance industry, including insurance carriers and brokers. 

Our PRC Operating Entities’ business primarily consists of providing the following three services/products: i) digital promotion services, ii) risk assessment services, and iii) value-added bundled benefits. We help our institutional clients obtain visibility on various social media platforms and generate our revenue based on consumers’ clicks, views or our clients’ promotion time through those channels. We have also developed a unique algorithm and named it the “Magic Mirror” to calculate payout risks for insurance carriers to underwrite auto insurance coverage. Utilizing our proprietary algorithmic model, we are able to generate individualized risk reports based on the vehicle brand, model, travel area, and vehicle age. In turn, we are able to generate revenue based on the number of assessment reports we provide to the insurance carriers. Lastly, to help major insurance carriers or brokers attract their customers, we sell bundled benefits, including car wash, maintenance plan or parking notification, to these carriers, which they may then pass onto their customers for either low or no cost. In addition to servicing institutional customers, we provide up-to-date insurance-related information to individual consumers through our mini-application embedded in other social media platforms. The information is provided to educate consumers and insurance brokers about the insurance industry, thus helping us build a stronger brand image with the general public.

At present, our client base consists of more than 300 city-level property and auto insurance carriers nationwide, in addition to approximately 200,000 insurance brokers that use our products and services to conduct business on a daily basis. Some of our clients include large corporations such as the People’s Insurance Company of China, Dajia Property Insurance Co., Ltd., China Pacific Property Insurance Co., Ltd., China Life Property Insurance Co., Ltd., Yongcheng Property Insurance Co., Ltd., and Huatai Insurance Brokers Co., Ltd.

Note: For its fiscal year ended June 30, 2021, U-BX Technology Ltd. reported a net loss of US$9,562 on revenue of US$72.3 million.

Note: For its fiscal year ended June 30, 2022, U-BX Technology Ltd. reported a net loss of US$49,022 on revenue of US$86.68 million.

Note: For its fiscal year ended June 30, 2023, U-BX Technology Ltd. swung to a net profit from a net loss in its FY ended June 30, 2022.

Note: For its fiscal year ended June 30, 2023, U-BX Technology Ltd. reported net income of $0.21 million (net income of $205,911) on revenue of $94.32 million (revenue of $94,318,710).  Note: U-BX Technology Ltd. filed an F-1/A dated Dec. 5, 2023, in which it updated its financial statements through the fiscal year that ended June 30, 2023.

(Note: U-BX Technology Ltd. priced its small IPO on March 27, 2024, in sync with the terms in the prospectus: 2.0 million shares at $5.00 to raise $10.0 million.)

(Note: U-BX Technology Ltd. changed its sole book-runner to EF Hutton, replacing Prime Number Capital, in an F-1/A filing dated Feb. 12, 2024.)

(Note: U-BX Technology Ltd. filed an F-1/A dated Nov. 17, 2023, in which it slashed the IPO’s size by 60 percent – cutting the number of shares to 2.0 million – down from 5.0 million – and kept the assumed IPO price at $5.00 – to raise $10 million. In that Nov. 17, 2023, filing with the SEC, U-BX Technology changed its sole book-runner to Prime Number Capital, which replaced Boustead Securities, the original underwriter.)

(Background Note: U-BX Technology Ltd. tweaked the terms of its IPO in an F-1/A filing dated Aug. 5, 2022, by stating the assumed offering price is $5.00, the top of its previous $4.00-to-$5.00 range – and kept the number of shares at 5.0 million shares, to raise $25.0 million. Note: In an F-1/A filing dated July 19, 2022, U-BX Technology cut the size of its IPO by reducing the number of shares to 5.0 million shares, down from 6.0 million shares, and decreasing the price range to $4.00 to $5.00, down from $4.50 to $5.50, to raise $22.5 million. The new terms represented a 25 percent reduction in the IPO’s estimated proceeds, based on mid-point pricing. Note: U-BX Technology Ltd. filed its F-1 on Jan. 28, 2022, in which it disclosed that it intended to offer 6.0 million ordinary shares at a price range of $4.50 to $5.50 to raise $30.0 million – with Boustead Securities as its sole underwriter. In October 2021, U-BX Technology Ltd. submitted its confidential IPO filing to the SEC.)