Zhibao Technology Inc. (NASDAQ: ZBAO) said it signed a non-binding letter of intent to acquire the MeVX multi-chain trading platform for cryptocurrency assets.
MeVX operates as a non-custodial trading terminal supporting the Solana, Ethereum, BNB Chain and Base networks. The platform says it has around 2 million users and approximately $8 million in deposits. It has completed Vietnamese-language localization and established operations in Vietnam.
Zhibao, which launched its digital insurance brokerage platform in 2020, provides business-to-business-to-customer insurance services in China. It has developed insurance solutions for sectors including travel, sports, logistics, utilities and e-commerce.
The companies said they expect to execute a definitive purchase agreement within 12 months, contingent on completion of due diligence, audit procedures, compliance with U.S. and Chinese regulatory requirements and the closing of Zhibao's restructuring to cease classification as a domestic Chinese enterprise issuing securities outside China.
The press release noted the LOI represents only a preliminary understanding and there is no assurance the transaction will close on the described terms or at all.
