Zhibao Technology Inc. (ZBAO) is having a very good Friday. The Chinese InsurTech company's stock more than doubled in premarket trading after it announced a major expansion of its embedded insurance platform.

Here's the big news: Zhibao's wholly owned subsidiary, Sunshine Insurance Brokers, launched a beta version of its embedded digital insurance platform on Chengdu's Tianfu Citizen's Cloud. That's a big deal because the cloud platform has nearly 20 million registered users. The launch happened on June 30, following a three-year cooperation agreement the two parties signed earlier.

The platform runs on Zhibao's Platform-as-a-Service (PaaS) infrastructure. Initially, it will offer the company's Huiminbao inclusive medical insurance, but Zhibao plans to expand into homeowner, property, and casualty insurance products down the line.

CEO Botao Ma called the deployment "a massive milestone in the validation and scale of our 2B2C business model." COO Xiaowei Le added that the company plans to work with financial institutions to introduce more localized insurance products and use data insights to tailor offerings to consumers.

Separately, Zhibao made some executive moves. The company appointed Chief Actuary Guangtong Ren as its new CFO and director, effective July 1, after former CFO and director Yuanwen Xia resigned. It also named Jun Ma, YiYun Dai, and Han Tang as independent directors, replacing Armando Luis Baez, Stephen Bernardez, and Jeffery Rong Cai.

So what exactly does Zhibao do? It's a China-based InsurTech company that provides digital insurance brokerage services through its operating entities, collectively known as Zhibao China Group. The company focuses on a 2B2C (business-to-business-to-customer) embedded insurance model and launched its digital insurance brokerage platform in China in 2020 using its PaaS infrastructure. It offers more than 40 digital insurance products across sectors like travel, sports, logistics, utilities, and e-commerce. The company also uses customer data, big data analytics, and artificial intelligence to develop and update its insurance offerings.

As for the stock price action: Zhibao Technology shares were up 105.41% at $0.6080 during premarket trading on Friday, according to market data.