As filed with the Securities and Exchange Commission on January 12, 2026 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 2 To FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Zhibao Technology Inc. (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) Cayman Islands 6411 Not Applicable (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification ...

Core Viewpoint - Brown & Brown, Inc. (NYSE:BRO) is identified as an oversold fundamentally strong stock, with recent price target adjustments from Barclays and Goldman Sachs indicating a cautious outlook for the property and casualty insurance sector [1][3]. Group 1: Analyst Ratings and Price Targets - Barclays analyst Alex Scott reduced the price target on Brown & Brown's stock to $83 from $84 while maintaining an "Equal Weight" rating, reflecting adjustments in the 2026 outlook for the North America property and casualty insurance group [1]. - Goldman Sachs lowered the price objective for Brown & Brown to $87 from $90, keeping a "Neutral" rating, indicating expectations of robust insurer profitability in the coming years despite a softening insurance cycle [3]. Group 2: Market Conditions and Trends - The pricing in the commercial and reinsurance sectors is softening, while personal lines appear to be performing relatively better, with brokers facing organic growth challenges [2]. - The property and casualty insurance cycle is entering a softening phase, leading to increased capital supply and competition, which may decelerate growth, pricing, and margins, a factor that is not fully appreciated in current market estimates [4].

Group 1 - The start of the new year provides a natural opportunity for portfolio deep cleaning, allowing investors to reassess their holdings and strategies [1] - The focus is on uncovering high-yield investment opportunities for individual investors, emphasizing the importance of clear and actionable insights for better returns [1] Group 2 - The article expresses the author's personal opinions and indicates a beneficial long position in the shares of MMC, highlighting a vested interest in the stock [2]

Core Viewpoint - Arthur J. Gallagher & Co. is set to release its fourth quarter 2025 earnings on January 29, 2026, after market close, with a conference call hosted by the Chairman and CEO scheduled for the same day [1]. Group 1 - The earnings release will be available in a printer-friendly format on the company's website shortly after the announcement [1]. - The conference call will take place at 5:15 pm ET/4:15 pm CT and will be broadcast live through Gallagher's website [2]. - A replay of the conference call will be accessible on the company's website approximately two hours after the live broadcast [2]. Group 2 - Arthur J. Gallagher & Co. is a global insurance brokerage, risk management, and consulting services firm headquartered in Rolling Meadows, Illinois [3]. - The company operates in approximately 130 countries worldwide through its owned operations and a network of correspondent brokers and consultants [3].

Company Overview - Willis Towers Watson Public Limited Company (WTW) has a market cap of $31.2 billion and operates as a global advisory, broking, and solutions firm, helping organizations manage risk and improve employee benefits and investment outcomes [1] Earnings Expectations - WTW is expected to release its fiscal Q4 2025 earnings results soon, with analysts predicting an adjusted EPS of $7.93, a decrease of 2.5% from $8.13 in the same quarter last year [2] - For fiscal 2025, analysts forecast an adjusted EPS of $16.89, slightly down from $16.93 in fiscal 2024, but anticipate a 14% year-over-year growth to $19.26 in fiscal 2026 [3] Stock Performance - Over the past 52 weeks, WTW shares have increased by 8.3%, which is lower than the S&P 500 Index's gain of 16.2% and the Financial Select Sector SPDR Fund's return of 15.5% [4] Recent Developments - On December 15, WTW shares rose by 1.2% following the announcement of a $1 billion senior unsecured notes offering, which includes $700 million of 4.55% notes due in 2031 and $300 million of 5.15% notes due in 2036. The funding is intended to support the Newfront acquisition and refinance near-term debt, enhancing WTW's financial flexibility [5] Analyst Ratings - The consensus view among analysts on WTW stock is cautiously optimistic, with an overall "Moderate Buy" rating. Out of 24 analysts, 13 recommend "Strong Buy," one suggests "Moderate Buy," nine indicate "Hold," and one has a "Strong Sell." The average price target for WTW is $367.30, suggesting a potential upside of 9.8% from current levels [6]

Group 1 - Howden has agreed to purchase Atlantic Global Risk, a top five independent transaction liability insurance broker in North America, with undisclosed financial terms [1] - Atlantic Global Risk, founded in 2017, offers services including representations and warranties insurance, contingent risk insurance, tax liability insurance, and credit risk insurance [1] - The acquisition aims to enhance Howden's retail broking presence in the US and create a global leader in transaction liability insurance [3][4] Group 2 - The integration will allow clients to benefit from a broader product offering and access to more experts across various geographies [3] - Atlantic Global Risk employs over 110 people and serves clients in Canada, the US, and Latin America [2] - Howden's CEO emphasized that this acquisition is a cornerstone for expanding their expertise and service capabilities in the US market [5]

Core Viewpoint - Howden, a UK insurance broker, has agreed to acquire Atlantic Group, a specialist in M&A protection, as part of its strategy to expand rapidly in the US market [1][5]. Group 1: Acquisition Details - The deal values Atlantic Group at over $500 million, with its founders reinvesting a substantial portion of their equity to become shareholders of Howden [2][5]. - Atlantic Group, founded in 2017, has over 110 employees and provides protection against breaches of warranties, tax, and credit risks related to M&A in the US [2][3]. Group 2: Strategic Goals - The acquisition aims to create a "global powerhouse" to attract business from leading private equity firms and their portfolio companies [4]. - Howden is positioning itself to compete with major global brokers such as Marsh & McLennan, Aon, Arthur J. Gallagher, and Willis Towers Watson [5]. Group 3: Market Context - The demand for M&A protection has increased over the past decade, driven by significant deal-making activity from buyout firms amid low interest rates [5]. - Howden previously considered acquiring Risk Strategies to enter the US retail broking market but opted to establish its operations independently by hiring staff from competitors [6]. Group 4: Company Background - Howden is owned by 5,300 employee-shareholders and private equity firms, with its equity valued at £10 billion ($13.4 billion) in 2024 [7]. - The company's enterprise value, including debt, is £20 billion, and it has been considered a candidate for an initial public offering (IPO) by 2030 [7][8].

Core Viewpoint - Howden, a UK insurance broker, has agreed to acquire Atlantic Group, a specialist in M&A protection, as part of its strategy to expand rapidly in the US market [1][5]. Group 1: Acquisition Details - The deal values Atlantic Group at over $500 million, with its founders reinvesting a substantial portion of their equity to become shareholders of Howden [2]. - Atlantic Group, founded in 2017, has over 110 employees and is based in New York [2][3]. Group 2: Strategic Goals - The acquisition aims to create a "global powerhouse" to attract business from leading private equity firms and their portfolio companies [4]. - Howden is already the largest transaction liability insurance broker outside the US and seeks to enhance its presence to compete with major global brokers like Marsh & McLennan, Aon, and Willis Towers Watson [3][5]. Group 3: Market Context - The demand for M&A protection has increased over the past decade, driven by significant deal-making activity among buyout firms, supported by low interest rates [5]. - M&A protection helps sellers receive more proceeds upfront while providing buyers with recourse [5]. Group 4: Company Background - Howden is owned by 5,300 employee-shareholders and private equity firms, with its equity valued at £10 billion ($13.4 billion) in 2024 [8]. - The company's enterprise value, including debt, is £20 billion [8]. - Howden has been considered a candidate for an initial public offering (IPO), with plans to complete it by 2030 [9].

Core Viewpoint - Marsh McLennan will change its NYSE ticker symbol from "MMC" to "MRSH" as part of its brand change to Marsh, effective January 14, 2026 [1] Company Announcement - The ticker symbol change is associated with the company's upcoming rebranding to Marsh [1] - No action is required from shareholders regarding the ticker symbol change [1]

Company Overview - Marsh & McLennan Companies, Inc. (MMC) has a market cap of $91.6 billion and provides advisory services and insurance solutions focused on risk, strategy, and people, operating through its Risk and Insurance Services and Consulting segments [1] Financial Performance - Analysts forecast MMC to report an adjusted EPS of $1.97 for fiscal Q4 2025, representing a 5.4% increase from $1.87 in the same quarter last year [2] - For fiscal 2025, the expected adjusted EPS is $9.61, which is a 9.2% increase from $8.80 in fiscal 2024 [3] - Despite reporting a stronger-than-expected Q3 2025 adjusted EPS of $1.85 and revenue of $6.35 billion, shares of MMC fell 8.5% on October 16 due to flat operating margins and slowing growth in the risk and insurance segment [5] Market Performance - Over the past 52 weeks, shares of Marsh & McLennan have declined by 12.7%, underperforming the S&P 500 Index, which increased by 14.8%, and the State Street Financial Select Sector SPDR ETF, which returned 13.3% [4] Analyst Ratings - The consensus view on MMC stock is cautiously optimistic, with a "Moderate Buy" rating overall; among 25 analysts, there are seven "Strong Buy," one "Moderate Buy," 16 "Holds," and one "Moderate Sell" [6] - The average analyst price target for Marsh & McLennan is $211.28, indicating a potential upside of nearly 13% from current levels [6]