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Blockchain And AI Subsidiary Of China's Largest Insurer Raises US IPO Expectations To $504M

Neer Varshney

In an updated filing with the U.S. Securities and Exchange Commission, OneConnect Financial Technology Limited, a blockchain and AI subsidiary of Chinese insurer Ping An Insurance (Group) Co of China Ltd’s (OTC: PNGAY) increased the amount it hopes to raise as part of its initial public offering.

Come again?

The fintech company, which has the second-largest number of blockchain patents in China, is now aiming to sell up to 36 million American depositary shares priced between $12 and $14.

If all the ADSs are sold, OneConnect could raise anywhere between $432 million and $504 million in the IPO. 

OneConnect’s underwriters for the IPO include Morgan Stanley (NYSE: MS), Goldman Sachs Group Inc (NYSE: GS), JPMorgan Chase & Co (NYSE: JPM), HSBC Holdings plc (NYSE: HSBC), and its owner Ping An among others.

The filing said that OneConnect would list its shares at the New York Stock Exchange under the ticker “OCFT.”

And Why It's Important?

In an earlier filing in November, the company said that it was aiming to raise up to $100 million in the IPO.

According to a Reuters report in August, the company was seeking to raise up to $1 billion in the U.S., after its earlier IPO filing in Hong Kong fell through.

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