Nuanwa Technology Files for Hong Kong IPO, Touts Leadership in insurance AI
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Nuanwa Technology, backed by ZhongAn, has filed for a Hong Kong IPO as it touts leadership in insurance AI and fast-growing revenue.
Nuanwa Insight Technology, a China-based insurance AI company, has filed for an IPO on the Hong Kong Stock Exchange’s Main Board, with J.P. Morgan and HSBC serving as joint sponsors. The company positions itself as China’s largest independent AI technology provider to the insurance sector by insurance cases processed in 2024, according to its prospectus.
Nuanwa, founded in 2018, develops AI-driven risk-analysis tools for insurers. Its prospectus cites Frost & Sullivan data stating that, by 2024 revenue, it is also the largest AI tech provider with full-stack risk analytics in China’s health insurance segment.
Major shareholders include online-only insurer ZhongAn Online (about 31.65%), founder-chairman & CEO Lu Min (roughly 28.76%), and HongShan (formerly Sequoia China) at about 15.9%.
Financials:
- Revenue: $48 million (2022), $91 million (2023), $131 million (2024)
- Net loss: $31 million (2022), $33 million (2023), $21.5 million (2024)
- Reported gross margins: 57.7%, 58.3%, 49.8% (2022–2024)
The company says its solutions had been adopted by 90 insurers by end-2024, though customer concentration remains a risk: ZhongAn accounted for 78.7% of revenue in 2022, 61.8% in 2023, 45.2% in 2024, and 49.6% in 1H25.
Nuanwa did not disclose fundraising size or valuation in the initial filing. The IPO comes as ZhongAn strengthens its balance sheet, having completed an approximately $503 million H-share placement in July 2025.
