|Bid||14.15 x 900|
|Ask||14.19 x 2200|
|Day's Range||13.60 - 14.44|
|52 Week Range||9.43 - 16.60|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||15.63|
OneConnect Financial Technology Co. Ltd. ("OneConnect" or "the Company") (OCFT), a leading technology-as-a-service platform for financial institutions in China, today announced the closing of the issuance of an additional 3,520,000 American Depositary Shares ("ADSs") of the Company at the initial public offering ( the "IPO") price of US$10.0 per ADS, pursuant to the partial exercise of the underwriters' over-allotment option in connection with the IPO.
OneConnect Financial Tech Co Ltd ADR (NYSE: OCFT ) is a leading FinTech enabler with significant competitive advantages in a market that represents huge opportunity, according to KeyBanc Capital Markets. ...
On January 2, 2020, a financing platform for SMEs in China's Guangdong province was formally launched. The platform is supported by OneConnect (NYSE: OCFT), a leading Chinese fintech company that has just been listed on the New York Stock Exchange. The launch of the platform with blockchain as its key underlying technology marks the deep integration of digital government and fintech, signaling that difficulties in obtaining financing, including the associated high cost and slow pace of completing the process, faced by small and medium-sized businesses can be solved by following the "Guangdong model".
On December 19, OneConnect announced in Tokyo the official opening of SBI OneConnect Japan, a joint venture with Japanese financial service group SBI Holdings, providing cutting-edge cloud-based and AI technological services to regional banks in Japan to help them to achieve digital transformation. It is reported that in March 2019, this joint venture was incorporated in Japan. This is also the first shot that OneConnect has made to the overseas market after being successfully listed on the NYSE.
(Bloomberg Opinion) -- The world’s second-largest insurer by market value is struggling to reinvent itself as a unicorn hub. Wariness by public investors toward unprofitable companies spells bad news for Ping An Insurance (Group) Co., which has plenty of tech firms it wants to take public at some point.The latest casualty is OneConnect Financial Technology Co., a cloud-based back-end platform for banks and insurers. A planned initial public offering in the U.S. set for Thursday was cut by almost half to just $260 million from a target of $504 million. Ping An didn’t give an official reason. Valuations of the unprofitable fintech company will now fall to half of the $4.4 billion to $5.2 billion range floated when investors were sounded out last week.That’s a blow to Ping An’s “technology-plus-finance” ambitions. Will the insurer lick its wounds or plow ahead? It can have a word with Masayoshi Son, still smarting from the WeWork debacle. His SoftBank Vision Fund bought into OneConnect last year at a valuation of $7.5 billion. All this is a shame, because OneConnect is perhaps the Shenzhen-based company’s strongest spinoff, providing a needed service to financial institutions struggling with legacy computer systems. It operates in a less-competitive space than Ping An’s consumer-focused apps.Ping An Healthcare and Technology Co., the online platform better known as Good Doctor, is a medical portal that competes with Tencent Holdings Ltd.’s WeDoctor. Its Hong Kong post-listing performance has been weak. After languishing for much of the year under its IPO price, the stock has only recently been in the black.Then there’s Lufax, which is more than 40% owned by Ping An and is also struggling. The world’s most valuable financial technology startup just three years ago, Lufax was caught up in Beijing’s clampdown on peer-to-peer lenders and is now reshaping itself as a consumer-finance company. It’s safe to say it won’t be listing anytime soon.Even China’s hottest companies have struggled to raise capital. OneConnect’s travails don’t bode well for another of Ping An’s B2B firms, HealthKonnect. The cloud platform for the healthcare sector was valued at $8.8 billion after a fundraising early last year. Now, the unprofitable startup will have to push any potential IPO plans further down the road. Ping An’s tech ambitions have allowed it to trade at 2.35 times book value versus 1.44 times for rival China Life Insurance Co., though the state firm has outperformed it in the past 12 months. Ping An trails only Berkshire Hathaway Inc. in market value as an insurer globally, but it’s a lot more expensive than Warren Buffett’s firm, which trades at 1.4 times book.The 31-year-old company set up OneConnect only in 2015, and perhaps one day it will be more a tech giant than an insurer. But fintech and “healthtech” made up just 4.1% of third-quarter revenue. Investors should remember that. To contact the author of this story: Nisha Gopalan at email@example.comTo contact the editor responsible for this story: Patrick McDowell at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Nisha Gopalan is a Bloomberg Opinion columnist covering deals and banking. She previously worked for the Wall Street Journal and Dow Jones as an editor and a reporter.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
(Bloomberg) -- China-based cloud fintech platform OneConnect Financial Technology Co. cut its planned U.S. initial public offering set for Thursday by almost half.The company, one of several Ping An Insurance (Group) Co. businesses backed by SoftBank Group Corp., said in a filing Wednesday that it was reducing both the size of the share sale as well as the targeted price range. Instead of raising as much as $504 million, the listing is now targeting as much as $260 million.OneConnect is now planning to sell 26 million shares for $9 to $10 each, instead of 36 million for $12 to $14 as planned earlier, according to the filing.OneConnect opted for a New York listing despite U.S.-China tensions. The company earlier considered a Hong Kong listing with a target of raising about $1 billion at a valuation of about $8 billion, Bloomberg reported in February.OneConnect, backed by SoftBank’s Vision Fund, provides technology solutions that help increase revenue and manage risks for small and midsize financial institutions in China.SoftBank has placed bets on companies under the state-linked insurer Ping An, as part of its play in combining technology and insurance. Last year, Vision Fund invested in Ping An Good Doctor and Ping An Healthcare Technology.OneConnect had a net loss of $147 million on revenue of $218 million during the nine months ended Sept. 30, compared with an $82 million net loss on revenue of $128 million for the same period last year, its filings show. Since 2017, Ping An Group has extended to OneConnect more than $1 billion in loans with interest rates ranging from 4.55% to 7.3%.The offering is being led by Morgan Stanley, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Ping An Securities Group Holdings Ltd. OneConnect said in the filing that it plans to list its shares on the New York Stock Exchange under the symbol OCFT.To contact the reporter on this story: Crystal Tse in New York at email@example.comTo contact the editors responsible for this story: Liana Baker at firstname.lastname@example.org, Michael Hytha, Matthew MonksFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
For a more comprehensive IPO calendar, check out the offering in Benzinga Cloud . The IPO dates below are expected but not confirmed. XP Inc. (NASDAQ: XP ) will issue more than 72.5 million shares between ...