Key Takeaways
- • Zhibao Technology Inc. (NASDAQ: ZBAO) signed a non-binding Letter of Intent on September 23, 2026, to acquire MeVX, a non-custodial multi-chain on-chain trading platform specializing in decentralized asset and meme-asset trading.
- • MeVX operates approximately 2 million users with sticky deposits of $8 million and maintains localized operations in Vietnam as a foundation for Southeast Asian expansion, providing advanced options and consumer-facing tools across major blockchains.
- • The proposed acquisition is subject to customary due diligence, audit procedures, and compliance with PRC and U.S. SEC regulatory requirements, as well as completion of Zhibao's De-Classification Restructuring to remove CSRC filing obligations.
- • Zhibao has separately closed a $154.7 million PIPE financing and announced plans to accept 3,500 bitcoin in a proposed $220 million PIPE deal, with proceeds allocated toward corporate initiatives including additional bitcoin acquisitions.
- • The transaction represents Zhibao's strategic pivot from its InsurTech origins toward cryptocurrency and decentralized finance infrastructure, positioning the company for growth in on-chain trading markets.
Summary
Zhibao Technology Inc., a Nasdaq-listed InsurTech company, announced on September 23, 2026, that it has entered into a non-binding Letter of Intent to acquire MeVX, a multi-chain, non-custodial trading platform focused on on-chain and meme-asset trading. The LOI represents a preliminary understanding between the parties and remains subject to satisfactory completion of due diligence, audit procedures, and regulatory approvals from both Chinese and U.S. authorities. Notably, the transaction is contingent upon Zhibao's De-Classification Restructuring, which would enable the company to cease classification as a domestic enterprise issuing securities outside China and remove it from CSRC filing requirements.
MeVX brings a meaningful user base and operational foundation to the proposed acquisition. The platform supports trading across major blockchains and integrates with third-party decentralized trading infrastructure, offering advanced options and a consumer-facing tool suite. As of the announcement, MeVX reported approximately 2 million users and sticky deposits totaling $8 million, with established operations in Vietnam serving as a potential springboard for broader Southeast Asian market expansion.
Concurrent with the MeVX acquisition announcement, Zhibao disclosed significant cryptocurrency-focused financing activity. The company closed a $154.7 million PIPE financing round and announced plans to accept 3,500 bitcoin in a proposed $220 million PIPE transaction. These capital raises underscore Zhibao's strategic reorientation toward digital assets and decentralized finance infrastructure. Management indicated that proceeds from these financings would support various corporate initiatives, including the acquisition of additional bitcoin holdings, signaling a fundamental shift in the company's business focus from traditional InsurTech toward cryptocurrency and on-chain trading platforms.
The acquisition of MeVX and accompanying capital raises represent a transformational strategy for Zhibao, marking its transition from a 2B2C digital embedded insurance model to a participant in the decentralized finance and cryptocurrency trading infrastructure sectors. The non-binding nature of the current LOI allows both parties flexibility during the due diligence phase, though successful completion hinges on regulatory clearance and internal corporate restructuring requirements.
MeVX brings a meaningful user base and operational foundation to the proposed acquisition. The platform supports trading across major blockchains and integrates with third-party decentralized trading infrastructure, offering advanced options and a consumer-facing tool suite. As of the announcement, MeVX reported approximately 2 million users and sticky deposits totaling $8 million, with established operations in Vietnam serving as a potential springboard for broader Southeast Asian market expansion.
Concurrent with the MeVX acquisition announcement, Zhibao disclosed significant cryptocurrency-focused financing activity. The company closed a $154.7 million PIPE financing round and announced plans to accept 3,500 bitcoin in a proposed $220 million PIPE transaction. These capital raises underscore Zhibao's strategic reorientation toward digital assets and decentralized finance infrastructure. Management indicated that proceeds from these financings would support various corporate initiatives, including the acquisition of additional bitcoin holdings, signaling a fundamental shift in the company's business focus from traditional InsurTech toward cryptocurrency and on-chain trading platforms.
The acquisition of MeVX and accompanying capital raises represent a transformational strategy for Zhibao, marking its transition from a 2B2C digital embedded insurance model to a participant in the decentralized finance and cryptocurrency trading infrastructure sectors. The non-binding nature of the current LOI allows both parties flexibility during the due diligence phase, though successful completion hinges on regulatory clearance and internal corporate restructuring requirements.
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