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Ping An-Affiliated Fintech Firm OneConnect Raises Capital from New Share Sale As It Eyes Global Expansion

By Ding Yi / Aug 15, 2020 03:20 AM / Finance

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U.S.-listed OneConnect Financial Technology, a fintech firm controlled by Chinese insurance group Ping An Insurance, is offering 18 million American depositary shares (ADSs), in a sign of investors’ growing interest in an industry that helps the world economy embrace digitalization.

OneConnect has set its ADS offer price at $18, lower than Thursday’s closing price of $19.89 on the New York Stock Exchange, according to a company statement.

OneConnect will use the capital raised to improve its platform and technology capabilities, international expansion, strategic investments and general corporate purposes, the statement said.

The company will also provide underwriters with an over-allotment option allowing them to buy an additional 2.7 million ADSs within a 30-day period, the statement added. Goldman Sachs, Morgan Stanley and China PA Securities are joint-bookrunners for the deal.

In December 2019, OneConnect launched a joint venture in Japan as part of efforts to expand globally. The joint venture aims to provide Japanese financial institutions with OneConnect’s cloud- and artificial intelligence-driven services to help them navigate the digitization of the banking sector. OneConnect launched an initial public offering (IPO) in the U.S. on December 13 last year.

Contact reporter Ding Yi (yiding@caixin.com)

Related: Ping An-Affiliated Fintech Firm OneConnect Opens Joint Venture in Japan After U.S. IPO

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