White Pigeon goes online and lands on the Hong Kong Stock Exchange, opening up new space in insurance technology with "full-scenario AI risk control".
2026On June 29th, Baige Online (Xiamen) Digital Technology Co., Ltd. (hereinafter referred to as "Baige Online") was listed on the Hong Kong Stock Exchange. The stock code is 02672.HK, becoming the "the increase exceeded 300%,the total market value of the company is about 23.405 billion Hong Kong dollars.
Hua Min Lianxin participated in the C round of financing of Baige Online in 2024. Today, Baige Online's landing on the Hong Kong Stock Exchange marks an important milestone for this investment centered around insurance technology, scenario innovation, and regional industrial collaboration.
Traditional insurance often starts with the product, while Baige Online chooses to start with the scenario.
A ride, a delivery, a logistics transportation, all correspond to specific and dispersed risk needs. Traditional insurance products usually respond in a standardized, long-cycle, and coarse-grained manner. The value of scenario insurance grows in these neglected gaps, characterized by short cycles, low premiums, high frequency, and strong embedding, integrating into real scenarios such as consumption, travel, education, public services, and industrial operations, making insurance services more lightweight, immediate, and accessible.
According to data, the market size of the Chinese scenario insurance market reached 93.2 billion yuan in 2024, and it is expected to increase to 164.9 billion yuan by 2029. With the continuous penetration of the digital economy, technology-enabled scenario internet insurance services are becoming an important entry point for the insurance industry to achieve refined risk control and inclusive services.
White Pigeon Online is building its capabilities around this trend. As an insurance technology company established in 2015, White Pigeon Online provides technology-enabled insurance intermediary services for insurance companies and scenario partners. In terms of total premiums in 2024, White Pigeon Online ranks fifth among China's scenario internet insurance intermediaries and first among China's third-party scenario internet insurance intermediaries, with a market share of about 3.1%.
Founder Tu Jinbo has over 24 years of experience in the insurance industry and company management. The team has a background in insurance, finance, internet, and technology, enabling White Pigeon Online to understand insurance products, channel operations, risk pricing, and technology implementation in complex scenarios. This is also an important foundation for its "full-scenario AI risk control" model.
Model Innovation:Insurance Services Move Towards a Full Chain Closed Loop
White Pigeon Online's model innovation lies in building a digital closed loop covering the entire chain of insurance services, with scenario ecology as the entry point, digital platforms as support, and intelligent risk control as the capability base.
Building a Digital Insurance Service NetworkThe company focuses on the "9+N ecosystem" including travel, inclusive finance, vehicle services, public services, health and medical care, education, E-engineering, logistics, etc., to build a digital insurance service network. For insurance companies, this reduces the cost of reaching out; for scenario partners, it enhances the completeness of services; for end users, insurance has transformed from a complex decision-making process into immediate, lightweight, and understandable risk protection, achieving a win-win-win value for all three parties.
Creating a One-Stop Full-Chain Digital Empowerment PlatformWith the dynamically scalable cloud-based "Pigeon e-Insurance" at its core, Pigeon Online provides insurance companies and scenario partners with a one-stop digital toolkit from insurance application, data to claims analysis; at the same time, through multiple platforms such as "Pigeon Exploration Insurance," "Pigeon Joy Insurance," and "Pigeon Accompany You," it deeply links brokers, end consumers, and community ecosystems, achieving a closed-loop synergy of business empowerment, service value-added, and operational efficiency enhancement.
Promoting risk management to "intelligentdriven"leap. Pigeon Online initiated the digital transformation of risk management towards large models in 2024, developing six MaaS support models: Ark, Femtosecond, Intelligent Pupil, Joy Recommendation, Rui Analysis, and Credit Verification, corresponding to scenario risk early warning, premium intelligent pricing, claims prediction, insurance recommendation, credit scoring, and blacklist identification. Relying on big data and machine learning, it provides standardized, reusable intelligent risk control capabilities for insurance companies, financial institutions, governments, and infrastructure operators.As of the end of 2025, the company has established business cooperation with 79 insurance companies and 260 channel partners, and has launched more than 2,000 customized insurance products with insurance companies. The platform has cumulatively connected over 393 million insured individuals, and the total number of insurance policies sold has exceeded 9 billion.
Investment Value: Making Industry-Finance Collaboration a Reality in Regional Practice
BaiGe Online's listing today is not just an ordinary company IPO, but also represents the market's recognition of the all-scenario AI risk control insurance model:The truly viable insurance technology is the one that integrates technology, data, products, and scenarios into real societal needs. Huamin United Trust will take on the mission of driving sustainable industrial development with innovative capital, continuously focusing on key areas such as artificial intelligence, green technology, advanced manufacturing, and cultural tourism, practicing the "think tank + fund + base" model, and supporting the growth and strengthening of more enterprises that have technological innovation capabilities, scenario landing capabilities, and long-term development value.Promote in-depth synergy between capital and industry, and help the regional industrial ecosystem develop healthily in the long term.
Fujian Huamin United Trust Private Equity Fund Management Co., Ltd.is a private equity fund management institution jointly established by Fujian Huamin Industrial Group and a market-oriented professional team in 2017 with the approval of the Fujian provincial government. The company has offices in Xiamen, Fuzhou, and Shanghai, adheres to the values of "transparency sharing, collaborative growth, green operation, and going far together," and is committed to driving sustainable industrial development with innovative capital, and has long been dedicated to building a benchmark platform for sustainable development of industry-finance collaboration.
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