Hogan Lovells assists Leading Group in its Nasdaq listing through US$430 million merger with Healthcare AI Acquisition Corp. (NASDAQ: HAIA)

On August 15, 2024, Leading Group Limited (“LEADING”), a licensed digital insurance broker operating in the Insurance Services segment in China as an Insurance Channel Specialist, entered into a Business Combination Agreement with Healthcare AI Acquisition Corp. (NASDAQ: HAIA) (“HAIA”), a listed special purpose acquisition company. Pursuant to the agreement, HAIA and LEADING will enter a series of merger transactions, upon completion of which LEADING will become the surviving entity and be listed on the Nasdaq Stock Market. The combined company will continue to be led by LEADING’s experienced senior management team. 

LEADING's digital insurance brokerage license and integrated marketing services help insurance carriers to target and acquire customers at greater scale to achieve enhanced premium sales growth. The services provided by LEADING provide insurance carriers with sales channel visibility and development whilst enabling individuals and corporate policy holders to have the benefit of tailored solutions.

The proposed transaction values LEADING at approximately US$430 million. HAIA and LEADING intend to raise an additional $50 million through private placement financing. LEADING expects to use the proceeds from the proposed transaction to accelerate its organic growth trajectory in the Chinese market. 

Head of Private Equity in Greater China, Stephanie Tang, led the Hogan Lovells team on this transaction.