Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Astra Inks Oxford Vaccine Production Deal with China’s Kangtai
Trending Story: Are Any New Graduates Really Worth 2 Million Yuan a Year? Netizens Discuss!
Trending in China: Popcorn or Cheaper Tickets - What Would Make You Return to the Cinema?
Tesla Challenger Xpeng Raises $400 Million Before Planned U.S. IPO
CATL Announces it Will Supply Batteries for Mercedes-Benz New Electric Sedan
TikTok Sees No Slowdown in Global Popularity Despite Indian Ban and U.S. Threats
Baidu Search, Sina Weibo on ‘Secret List’ of Chinese Apps Banned in India’s Latest Purge
Trending in China: Choosing a College Major - For Love or Money?
Evergrande Health Forges Ahead With Six New Electric Vehicles
Trending in China: How Cute Rabbit Ears Are On the Frontline in Fight Between Delivery Firms
Chinese Company Files Lawsuit Against Apple’s Siri for Patent Infringement Worth Billions
China Home to Six of the World’s Top 10 Unicorns, Hurun Report Says
Trending in China: Can Music Streamers Help Users’ Depression?
Core Parts of China’s Beidou Satellite System ‘100% Made in China’
Trending in China: Xiaomi CEO’s Shows How Best To Harness China’s Social Media Humor for Serious Business
Apple Takes Down Over 30,000 Apps from China Store Amid Government Crackdown
Chinese Chipmaker SMIC to Establish Joint Venture for Wafer Production
Microsoft Said Plan to Acquire TikTok Will Continue
Uber Abandons Plan to Move Regional Headquarters to Hong Kong
Trending in China: Undergraduate Degree in Housekeeping — Valuable Asset or Waste of Resources?
Ping An’s OneConnect Expands U.S. IPO to Raise $312 Million

By Bloomberg / Dec 14, 2019 04:14 AM / Business & Tech

Photo: IC

Photo: IC

China-based cloud fintech platform OneConnect Financial Technology Co. expanded its U.S. initial public offering to raise $312 million, partly reversing cuts to its share-sale plans disclosed one day ago.

The company, one of several Ping An Insurance (Group) Co. businesses backed by SoftBank Group Corp., sold 31.2 million American depositary shares for $10 each Thursday, according to data compiled by Bloomberg. OneConnect is valued in the listing at more than $3.6 billion based on the outstanding shares listed in its filing.

OneConnect said in a filing Wednesday that it was cutting the number of shares it planned to sell to 26 million as well as reducing the target range to $9 to $10 each. That would have raised only $260 million, barely half of its earlier target of $504 million.

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 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 shares are expected to begin trading Friday on the New York Stock Exchange under the symbol OCFT.


Share this article
Open WeChat and scan the QR code