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Chinese insurance giant Ping An’s blockchain unit eyes US IPO in mid-November – Report

Yogita Khatri

OneConnect, the blockchain and fintech arm of China’s biggest insurer by market value Ping An, could launch an initial public offering (IPO) in New York in mid-November this year.

Reuters reported the news on Friday, citing a person with “direct knowledge of the matter." OneConnect was earlier looking to launch the IPO as early as this month.

In June, there were reports that Ping An has changed its IPO location to New York from Hong Kong in the hope of achieving a higher valuation. At the time, OneConnect was looking to raise $1 billion via the IPO at a valuation of about $8 billion.

OneConnect sells technology services, including blockchain infrastructure. For instance, it helped the Hong Kong Monetary Authority (HKMA), the region's de facto central bank, build a blockchain trade finance platform called eTradeConnect.

Earlier this year, OneConnect also received a virtual banking license by the HKMA to operate in Hong Kong.