HONG KONG, June 29th, 2026 —— CIC extends our warmest congratulations to Baige Online (Xiamen) Digital Technology Co., Ltd. (02672. HK) on its successful listing on the Main Board of the Hong Kong Stock Exchange (HKEX) today.
CIC's Collaborative Journey to the Listing
Throughout the listing process, CIC provided end-to-end support to the company and its sponsors:
Drafted and compiled the industry overview chapter of the prospectus, laying a solid research foundation for the formal listing application.
Assisted in responding to inquiries from regulatory authorities, ensuring comprehensive and accurate disclosure.
Refined listing application materials continuously to meet stringent market and regulatory requirements.
Baige Online: Pioneering Full-Scenario AI Risk Control in China’s Insurtech Sector
Baige Online is an insurance technology (insurtech) firm specializing in tech-enabled insurance intermediary services for scenario partners and insurance carriers. Positioned as China’s first listed full-scenario AI risk control enterprise, it differentiates itself from traditional insurance intermediaries by proactively unlocking, identifying and addressing risk management needs across diverse use cases, and driving the digital transformation of risk assessment and mitigation frameworks.
Powered by its native digital capabilities, the company delivers far more than standardized insurance products: it provides comprehensive end-to-end protection spanning business operations and daily life, managing diversified risks embedded in ecosystem partners’ daily operations and end consumers’ lifestyles. Its offerings cover nine core vertical ecosystems including mobility, healthcare and public services, with tailored solutions to address differentiated risk profiles across distinct scenarios and ecosystems.
China Insurance Digitalization Market Overview
China’s insurance market falls into two broad categories: personal insurance (life, health and accident coverage) and property & casualty (P&C) insurance (property loss, liability and credit insurance, among others).
Insurance digitalization leverages internet technology, data governance and digital operations to migrate insurance workflows online and enable intelligent decision-making, reshaping the full value chain from distribution, risk control and pricing to claims settlement. Within this evolution, tech-enabled online insurance intermediaries combine channel reach with technological capabilities, connecting upstream insurance carriers with downstream scenario-based customers. Through accumulated data and proprietary risk models, they deliver precision pricing, policy administration and risk identification, and drive process digitization and compliance-focused risk control via underwriting platforms, online policy issuance & claims systems, and SaaS/API solutions.
China’s insurance digitalization market remains in a high-growth phase fueled by deepening tech adoption. Measured by premium income and technology expenditure respectively:
China’s online insurance market is projected to expand from RMB 703.5 billion in 2025 to RMB 1,210.7 billion in 2030, posting a 16.3% CAGR from 2021 to 2025.
China’s broader insurtech market is forecast to grow from RMB 98.2 billion in 2025 to RMB 175.5 billion in 2030, with a 23.3% CAGR over the 2021–2025 period.
Scenario-Based Insurance & Intermediary Channel Landscape
Driven by demand for use-case-specific coverage and short-term customized protection, China’s scenario-based insurance market is set to grow from RMB 64.8 billion in 2021 to RMB 102.1 billion in 2025, representing a 12.0% CAGR.
Insurance intermediaries — comprising traditional agencies and tech-enabled online platforms — serve as the core distribution channel for scenario-based coverage, collectively accounting for approximately 66.4% of the total market in 2025.
The tech-enabled online intermediary segment expanded from RMB 16.5 billion in 2021 to RMB 30.7 billion in 2025 at a 16.9% CAGR. Backed by value-added capabilities such as automated claims settlement and precision marketing that boost downstream reach and user stickiness, the channel is projected to reach RMB 64.3 billion by 2030.
The traditional insurance intermediary segment grew from RMB 26.4 billion in 2021 to RMB 37.0 billion in 2025, registering an 8.8% CAGR.
Key Growth Drivers of Scenario-Based Online Insurance Intermediation
Rising demand for granular, scenario-specific risk management
Policyholders increasingly seek coverage aligned with their individual needs, particularly for niche vertical use cases. For example, shared-mobility users purchase riding coverage for travel safety, while air travelers buy protection for flight safety and on-time performance. Customers also expect value-added services: outdoor adventure enthusiasts, for instance, rely on insurance providers to deliver immediate professional rescue support.
This demand shift is pushing tech-enabled online intermediaries to expand scenario-based product lines. Fueled by surging personalized demand, China’s scenario-based insurance market has grown at a 12.0% CAGR to RMB 102.1 billion in 2025. Tech-enabled intermediaries deliver accessible, personalized coverage via digital tools, embedding customized products directly into fragmented daily consumption platforms. This omnichannel integration not only meets users’ personalized needs seamlessly, but also cuts customer acquisition cost (CAC) by roughly 30% compared with traditional offline channels while driving higher organic conversion.
Supportive regulatory tailwinds
The boom in e-commerce and the digital economy has lifted demand for insurance products across fragmented daily scenarios, and a series of supporting policies have been rolled out to advance scenario-based insurance development across inclusive finance, mobility ecosystems and other verticals.
According to the Implementation Opinions of the State Council on Advancing High-Quality Development of Inclusive Finance (Guo Fa [2023] No. 15), China prioritizes expanding inclusive financial services to micro-enterprises, rural populations and new urban residents, and explicitly encourages the development of small-sum insurance products for specific scenarios, such as rural micro personal insurance and short-term medical coverage. In addition, Article 3 of the Notice of the State Administration of Financial Regulation on Strengthening and Improving Supervision of Internet Property Insurance Business (Jin Gui [2024] No. 9) stipulates that insurers offering internet P&C products shall uphold the principle of serving the real economy and the public, and supports carriers in leveraging specific internet scenarios to build decentralized, accessible and inclusive products for greater service convenience and availability.
Technology integration filling unmet market gaps
Traditional insurers generally take a conservative approach to product development, focusing on long-term, standardized offerings with lengthy R&D cycles and relying heavily on offline agent channels for distribution — a model that struggles to reach users’ needs in specific vertical scenarios.
Tech-enabled online insurance intermediaries design scenario-based solutions for diverse use cases, and partner with consumer platforms and payment systems to embed coverage directly into users’ purchasing and service journeys. This model addresses two core pain points of traditional carriers: limited product flexibility and constrained user reach, effectively filling underserved market segments. Backed by core technologies including automated claims processing and precision marketing, scenario-based insurance distributed via tech-enabled online intermediaries reached RMB 30.7 billion in 2025, with rapidly growing market share and user retention within the broader scenario-based insurance segment.
Operational efficiency gains from deep tech adoption
As big data, artificial intelligence and blockchain technologies mature, tech-enabled online insurance intermediaries can process and analyze vast volumes of data to reshape the full insurance value chain: distribution, risk assessment, pricing and claims settlement.
Intermediaries integrate online behavioral data with offline customer insights through comprehensive omnichannel analytics, extracting user signals from daily scenarios spanning clothing, food, housing, transportation and healthcare to build dynamic risk models. This enables refined risk assessment, targeted product recommendation and hyper-personalized services. For example, dynamic pricing models allow intermediaries to adjust premiums for specific scenario-based products based on real-time conditions such as weather, enabling more accurate demand matching and risk profiling. Meanwhile, blockchain technology enhances transparency around data and policy terms, strengthening consumer trust.
As a seasoned Industry Consultant, CIC offers services such as market sizing, competitive analysis, and enterprise value verification, etc., with global experience in advising "first-in-sector" IPOs in high-end equipment manufacturing and advanced manufacturing sectors.
From IPO preparation to listing hearings, CIC unearths the true intrinsic value of enterprises and translates it into actionable insights for successful capital market landing. Prior to Baige Online, CIC has supported leading enterprises in successful listings both domestically and overseas, including HANS CNC, MiniMax, Huaqin, Horizon Robotics, etc.
CIC Reports are now available on Bloomberg and FactSet portals.
About CIC
CIC is a professional consulting firm offering tailored end-to-end support across the full investment and financing lifecycle. The firm boasts a world-leading track record in guiding landmark first-in-sector IPOs across global markets, alongside unrivaled reach and in-depth coverage capabilities across specialized niche market segments.
CIC helps enterprises refine scalable business models and craft compelling capital narratives to enable seamless access to global capital markets, while serving as a trusted due diligence partner to investment institutions. It delivers granular industry insights and direct access to subject matter experts, empowering clients to identify high-value opportunities and mitigate critical risks effectively.
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