Ping An’s associate OneConnect outlines plans to list ADSs on NYSE or NASDAQ

Maria Nikolova

The company has filed the necessary registration statement for a proposed initial public offering with the SEC.

OneConnect Financial Technology Co., Ltd., an associate of Ping An Insurance (Group) Company of China, Ltd., has filed a registration statement on Form F-1 with the United States Securities and Exchange Commission (SEC) relating to the proposed initial public offering of its ordinary shares in the form of American Depositary Shares, or ADSs. OneConnect will apply to list the ADSs on the NYSE or NASDAQ Global Market under the ticker symbol “OCFT.”

The number of ordinary shares to be represented by each ADS, the number of ADSs and ordinary shares to be offered, and the price range for the proposed offering have not yet been determined.

Morgan Stanley & Co. LLC, Goldman Sachs (Asia) L.L.C., J.P. Morgan Securities LLC and Ping An of China Securities (Hong Kong) Company Limited will act as active joint bookrunners, BofA Securities, Inc., and HSBC Securities (USA) Inc. will act as passive joint bookrunners, and CLSA Limited and KeyBanc Capital Markets Inc. will act as co-managers for the proposed offering.

OneConnect is a major technology-as-a-service platform for financial institutions in China. Its platform provides cloud-native technology solutions that integrate extensive financial services industry expertise with market-leading technology. As of September 30, 2019, the company had over 3,700 customers and the largest number of financial institution customers among technology-as-a-service platforms in China. As of September 30, 2019, its customer base includes all of China’s major banks, 99% of its city commercial banks, and 46% of its insurance companies, collectively reaching hundreds of millions of end-customers.

Since OneConnect’s establishment in December 2015, the platform has supported Chinese financial institutions in serving RMB1.8 trillion (US$0.3 trillion) of transactions for their end-customers. Through the platform, in the nine months ended September 30, 2019, on a daily basis the company facilitated over 135,000 anti-fraud checks, 4.2 million credit risk assessments, and the processing of approximately 13,000 auto insurance claims.

The primary purposes of this offering are to create a public market for OneConnect’s shares for the benefit of all shareholders, retain talented employees by providing them with equity incentives, and obtain additional capital.

The amount of proceeds from the offering has not yet been calculated. The company plans to use the net proceeds of this offering for enhancement of its platform and technology capabilities; for international expansion and strategic investments; for sales and marketing activities to enhance its brand and acquire customers; and for general corporate purposes.

OneConnect is permitted under PRC laws and regulations as an offshore holding company to provide funding to its wholly foreign owned subsidiary in China through loans or capital contributions and to its variable interest entity through loans. Such loans and capital contributions are subject to PRC regulations, approvals, permits, registrations and filings, and requirements of the relevant authorities.

Read this next

blockdag

BlockDAG Transforms Crypto Mining with X1 Beta App Launch, Raises $49.2M in Presale; SEI & BONK Developments

Uncover BlockDAG’s X1 app beta launch, reshaping mobile mining and propelling its presale to $49.2M, eclipsing BONK and SEI.

Digital Assets

Joe Biden’s campaign explores crypto donations via Coinbase

U.S. President Joe Biden’s campaign is in discussions with cryptocurrency industry players about accepting crypto donations through Coinbase Commerce, sources familiar with the matter told The Block.

Chainwire

VGX Foundation and Honeyland Partner to Offer VGX Rewards for Players

The VGX Foundation has announced a partnership with popular web3 game Honeyland, offering rewards utilizing the VGX token for their players.

Digital Assets

Terraform and Do Kwon fined $4.5 billion to settle with SEC

Terraform Labs and its co-founder Do Kwon have reached a final settlement with the U.S. Securities and Exchange Commission (SEC) regarding a fraud case, according to a court filing on Wednesday.

Retail FX

Dukascopy broadens CFD offering with Italian stocks

Switzerland’s forex bank and broker, Dukascopy has just expanded its offering to include Italian stocks and the Italy 40 Index. The new additions allow clients to access a broader range of investment opportunities in the Italian market.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: Federal Reserve Monetary Policy, US Inflation,Eurozone June 12 ,2024

The Fed meets today to decide on interest rates. A dovish shift (keeping rates steady or hinting at cuts) is expected, weakening the US dollar and potentially boosting gold prices.

blockdag

BlockDAG Leads CoinSniper Ranking as Presale Surges to $49.2M While Cardano Shows Resilience & ApeCoin Surges

Explore BlockDAG’s #1 ranking on CoinSniper listing as presale booms to $49.2M. More on ADA’s resilience & ApeCoin’s surge.

Market News, Tech and Fundamental, Technical Analysis

Gold Technical Analysis Report 12 June, 2024

Gold can be expected to rise further toward the next resistance level 2385.00, which stopped the previous minor correction B at the start of June.

<