BEIJING, May 30, 2023
/PRNewswire/ -- Cheche Technology Inc. ("Cheche Technology" or
the "Company"), China's leading
auto insurance technology platform, jointly hosted an auto
insurance industry summit focused on new energy vehicles ("NEV"s)
with the Shanghai Insurance Exchange, an integrated global
insurance services platform, in Beijing on May
17th. The Shanghai Insurance Exchange was established with
the approval of the State Council in November 2015, initiated and funded by 91
insurance companies, intermediaries, and financial institutions. It
is an exchange platform for insurance, reinsurance, insurance asset
management, and related products.
Participation of Leading Insurance Companies and NEV
Manufacturers:
A total of 40 representatives from eight insurance companies,
including People's Insurance Company of China, Ping An Insurance Group, and China
Pacific Insurance Company, and nine NEV companies, including XPeng,
NIO, and AVATR, were in attendance, along with a group of industry
experts and business leaders to jointly discuss the ongoing
challenges and solutions in the current environment, as well as
exchange ideas and collaborate on future developments.
Shan Shufeng, deputy general
manager of the Shanghai Insurance Exchange, said, "A high-quality
NEV industry and the corresponding development of an effective NEV
auto insurance industry requires cross-industry integration.
Enhancing collaboration and maintaining regular and rigorous
dialogues between insurance carriers, NEV companies and technology
platforms will help achieve accurate, real-time collection of NEV
insurance data and integrated various technology stacks that, once
disseminated, will drive improvements in new insurance products and
risk management services, promoting cost reductions and increased
efficiencies throughout the industry and collectively strengthening
the NEV ecosystem.
Focus on Improved Consumer Experience and NEV Risk Management
for Insurers:
Consumer preferences continue to be the driving force behind the
NEV car industry and insurance platforms. To achieve further
progress, priorities must remain aligned with the customer---
distribution channels must be enhanced and the consumer experience
must continue to be improved. Above all, the insurance companies
present were adamant about the high value they place on risk
management.
Zhang Lei, CEO of Cheche
Technology, said, "Although NEV insurance is currently considered a
risky product facing high loss ratios and claims, there is a vast
opportunity for insurance innovation with this new generation of
vehicles. Reimagining NEV sales approaches, optimizing consumer
services, and leveraging the interconnection of vehicle data,
combined with consistent upgrades and innovation to pricing models,
provides unlimited possibilities for the enhancement of insurance
products. Our Company's evolving technology will enable NEV
manufacturers to have their own customized sales, claims, service,
and digital insurance platforms to further optimize the end user's
experience."
Insurance Innovations to Enable NEV Adoption:
NEVs may initially be considered higher risk to insure than
traditional internal combustion vehicles due to the relative lack
of historical loss information, the complexity and delays of making
major repairs due to the lack of qualified technicians, and the
risk of total loss in the event that the lithium battery is
compromised. But the event made it clear that the rich data
connections of NEVs have the potential to revolutionize how risk is
measured, providing consumers with a more convenient and efficient
purchasing and claims experience while dramatically reducing the
potential for fraud.
The event's success demonstrated the possibilities that can be
achieved when companies prioritize collaboration focused on
consumer benefits, innovation, and efficiency as the NEV sector
becomes one of the most important industries globally.
Cheche Technology announced on January
30, 2023, that it had entered into a definitive business
combination agreement (the "Business Combination Agreement") with
Prime Impact Acquisition I ("Prime Impact") (NYSE: PIAI), a
publicly traded special purpose acquisition company, that will
result in Cheche Technology becoming a publicly listed company (the
"Proposed Transaction"). Upon closing, the combined company (the
"Combined Company") will be listed on Nasdaq under the new ticker
symbol "CCG."
About Cheche Technology
Established in 2014 and headquartered in Beijing, China, Cheche Technology is a leading
auto insurance technology platform with a nationwide network of
around 110 branches licensed to distribute insurance policies
across 24 provinces, autonomous regions and municipalities in
China. Capitalizing on its leading
position in auto insurance transaction services, Cheche Technology
has evolved into a comprehensive, data-driven technology platform
that offers a full suite of services and products for digital
insurance transactions and insurance SaaS solutions in China. Learn more at
https://www.chechegroup.com/en.
About Prime Impact
Prime Impact is a Cayman
Islands exempted company formed on July 21, 2020, for the purpose of effecting a
merger, share exchange, asset acquisition, share purchase,
reorganization, or similar business combination involving Prime
Impact and one or more businesses. Prime Impact is focused on
partnering with experienced management teams building innovative,
data-centric technology or technology-related companies in key
Asian markets with a focus on the Greater
China market. Prime Impact is led by Co-Founder, Co-CEO and
CFO Mark Long and Co-Founder and
Co-CEO Michael Cordano. Learn more
at https://ir.primeimpactcapital.com.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"estimate," "plan," "project," "forecast," "intend," "will,"
"expect," "anticipate," "believe," "seek," "target" or other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements also include, but are not limited to,
statements regarding projections, estimates and forecasts of
revenue and other financial and performance metrics, projections of
market opportunity and expectations, the estimated implied
enterprise value of the Combined Company, Cheche Technology's
ability to scale and grow its business, the advantages and expected
growth of the Combined Company, the Combined Company's ability to
source and retain talent, the cash position of the Combined Company
following closing of the Proposed Transaction, Prime Impact's and
Cheche Technology's ability to consummate the Proposed Transaction,
and expectations related to the terms and timing of the Proposed
Transaction, as applicable. These statements are based on various
assumptions, whether or not identified in this press release, and
on the current expectations of Prime Impact's and Cheche
Technology's management and are not predictions of actual
performance.
These statements involve risks, uncertainties and other factors
that may cause actual results, levels of activity, performance or
achievements to be materially different from those expressed or
implied by these forward-looking statements. Although each of Prime
Impact and Cheche Technology believes that it has a reasonable
basis for each forward-looking statement contained in this press
release, each of Prime Impact and Cheche Technology cautions you
that these statements are based on a combination of facts and
factors currently known and projections of the future, which are
inherently uncertain. In addition, there will be risks and
uncertainties described in the proxy statement/prospectus included
in the Registration Statement relating to the Proposed Transaction,
which is expected to be filed by the Combined Company with the
Securities and Exchange Commission (the "SEC") and other documents
filed by the Combined Company or Prime Impact from time to time
with the SEC. These filings may identify and address other
important risks and uncertainties that could cause actual events
and results to differ materially from those contained in the
forward-looking statements. Neither Prime Impact nor Cheche
Technology can assure you that the forward-looking statements in
this press release will prove to be accurate. These forward-looking
statements are subject to a number of risks and uncertainties,
including, among others, the ability to complete the Proposed
Transaction due to the failure to obtain approval from Prime
Impact's shareholders or satisfy other closing conditions in the
Business Combination Agreement, the occurrence of any event that
could give rise to the termination of the Business Combination
Agreement, the ability to recognize the anticipated benefits of the
Proposed Transaction, the amount of redemption requests made by
Prime Impact's public shareholders, costs related to the Proposed
Transaction, the impact of the global COVID-19 pandemic, the risk
that the Proposed Transaction disrupts current plans and operations
as a result of the announcement and consummation of the Proposed
Transaction, the outcome of any potential litigation, government or
regulatory proceedings, and other risks and uncertainties,
including those to be included under the heading "Risk Factors" in
the Registration Statement to be filed by the Combined Company with
the SEC and those included under the heading "Risk Factors" in the
annual report on Form 10-K for year ended December 31, 2022 of Prime Impact and in its
subsequent quarterly reports on Form 10-Q and other filings with
the SEC. There may be additional risks that neither Prime Impact
nor Cheche Technology presently know or that Prime Impact and
Cheche Technology currently believe are immaterial that could also
cause actual results to differ from those contained in the
forward-looking statements. In light of the significant
uncertainties in these forward-looking statements, nothing in this
press release should be regarded as a representation by any person
that the forward-looking statements set forth herein will be
achieved or that any of the contemplated results of such
forward-looking statements will be achieved. The forward-looking
statements in this press release represent the views of Prime
Impact and Cheche Technology as of the date of this press release.
Subsequent events and developments may cause those views to change.
However, while Prime Impact and Cheche Technology may update these
forward-looking statements in the future, there is no current
intention to do so, except to the extent required by applicable
law. You should, therefore, not rely on these forward-looking
statements as representing the views of Prime Impact or Cheche
Technology as of any date subsequent to the date of this press
release. Except as may be required by law, neither Prime Impact nor
Cheche Technology undertakes any duty to update these
forward-looking statements.
Additional Information and Where to Find It
In connection with the Proposed Transaction, Prime Impact and
the Company intend to cause a registration statement on Form F-4 to
be filed with the SEC, which will include a proxy statements to be
distributed to Prime Impact's shareholders in connection with Prime
Impact's solicitation for proxies for the vote by Prime Impact's
shareholders in connection with the Proposed Transaction and other
matters as described in the registration statement, as well as a
prospectus relating to the Company's securities to be issued in
connection with the Proposed Transaction. Prime Impact's
shareholders and other interested persons are advised to read, once
available, the preliminary proxy statement/prospectus and any
amendments thereto and, once available, the definitive proxy
statement/prospectus, in connection with Prime Impact's
solicitation of proxies for its special meeting of shareholders to
be held to approve, among other things, the Proposed Transaction,
because these documents will contain important information about
Prime Impact, the Company and the Proposed Transaction. After the
registration statement is filed and declared effective, Prime
Impact will mail a definitive proxy statement and other relevant
documents to its shareholders as of the record date to be
established for voting on the Proposed Transaction. Shareholders
may also obtain a copy of the preliminary and definitive proxy
statement/prospectus to be included in the registration statement,
once available, as well as other documents filed with the SEC
regarding the Proposed Transaction and other documents filed with
the SEC, without charge, at the SEC's website located at
www.sec.gov.
Participants in the Solicitation
Prime Impact, Cheche Technology and their respective directors,
executive officers and other members of management and employees
may, under SEC rules, be deemed to be participants in the
solicitations of proxies from Prime Impact's shareholders in
connection with the Proposed Transaction. Information regarding the
persons who may, under SEC rules, be deemed participants in the
solicitation of Prime Impact's shareholders in connection with the
Proposed Transaction will be set forth in the proxy
statement/prospectus included in the Registration Statement to be
filed with the SEC in connection with the Proposed Transaction. You
can find more information about Prime Impact's directors and
executive officers in Prime Impact's final prospectus related to
its initial public offering dated September
9, 2020. Additional information regarding the participants
in the proxy solicitation and a description of their direct and
indirect interests will be included in the proxy
statement/prospectus when it becomes available. Shareholders,
potential investors and other interested persons should read the
proxy statement/prospectus carefully when it becomes available
before making any voting or investment decisions. You may obtain
free copies of these documents from the sources indicated
above.
No Offer or Solicitation
This press release is not a proxy statement or solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the potential Transaction, and does not constitute an
offer to sell or the solicitation of an offer to buy any securities
of Prime Impact, the Company or the combined company, or a
solicitation of any vote or approval, nor shall there be any sale
of securities in any jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction. No offer of
securities shall be made except by means of a prospectus meeting
the requirements of the Securities Act of 1933, as amended.
Prime Impact:
Mark Long
investorinfo@primeimpactcapital.com
(650) 825-6965
Cheche Technology:
IR@chechegroup.com
Crocker Coulson
crocker.coulson@aummedia.org
(646) 652-7185
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SOURCE Cheche Technology
