Company: ATMCW
Filing Date: 2025-11-17
Form Type: DEFM14A
Source: 0001493152-25-023842
Chunk: 221

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-11-17
Form: DEFM14A
Chunk 221
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     | $     | 239.5 |     | $              | 24,729.8 |     | $          | 29,324.8 |   |
| Brown & Brown, Inc.                         |     | NYSE:BRO      |     | $     |  70.5 |     | $              | 20,058.5 |     | $          | 23,366.8 |   |
| BRP Group, Inc.                             |     | NasdaqGS:BRP  |     | $     |  23.1 |     | $              |  1,485.7 |     | $          |  3,244.7 |   |
| Waterdrop Inc.                              |     | NYSE:WDH      |     | $     |   1.0 |     | $              |    384.1 |     | $          |    (53.5 | ) |
| Fanhua Inc.                                 |     | NasdaqGS:FANH |     | $     |   6.4 |     | $              |    362.0 |     | $          |    236.4 |   |
| Huize Holding Limited                       |     | NasdaqGM:HUIZ |     | $     |   0.8 |     | $              |     40.9 |     | $          |     30.1 |   |
| ($ in millions, except per share data)      |     |               |     |       |       |     |                |          |     |            |          |   |

Comparable Precedent M&A Transaction Analysis

Newbridge analyzed the last 3 years (since January 2020) of M&A transaction data to find similar transactions where the targets being acquired most resembled HCYC. The universe of transactions where there were similarities to HCYC, and where financial data was recorded for the transaction value was generally limited, as is usually the case versus public comparables. The criteria used for the selected transactions were those in which the targets most resembled HCYC, and included (i) Targets with business models in the “Insurance Brokerage” sector, (ii) transactions that occurred with companies’ headquarters in the United States, Europe or Asia, and (iii) where the identified the Equity Value /Net Income multiple was known.

| 120 |

The M&A dataset for the Insurance Brokerage sector in that time frame had an average