Chinese Insurance Giant Ping An's Blockchain Arm Reveals Terms for $468M IPO

OneConnect Financial, the blockchain and AI subsidiary of China’s top insurance company Ping An Insurance, has set the terms for its planned NYSE listing.

AccessTimeIconDec 4, 2019 at 2:45 p.m. UTC
Updated Sep 13, 2021 at 11:46 a.m. UTC

OneConnect Financial Technology, the blockchain and AI subsidiary of China’s top insurance company Ping An Insurance, has set the terms for its previously announced initial public offering (IPO).

According to an updated F-1 filing with the U.S. Securities and Exchange Commission (SEC) on Monday, the firm aims to raise between $432 million and $504 million via the offering of 36 million American depositary shares (ADSs) at a price of between $12 and $14. Each ADS represents three ordinary shares.

The target raise is much higher than when the firm's prospectus was first filed in mid November, when a figure of $100 million was proposed.

OneConnect plans to list on the NYSE with the ticker “OCFT” on Dec. 12, according to Nasdaq. The IPO’s underwriters include Morgan Stanley, Goldman Sachs, JPMorgan, HSBC and Bank of America.

The filing values the company at around $4.7–4.9 billion, down from a $7.5 billion valuation at the time of its last fundraise – a round backed by Japanese private equity giant SoftBank.

OneConnect reported revenue of $222 million and an operating loss of $160 million for the first nine months of 2019, according to Nasdaq.

Reuters reported in September that the firm had been seeking to go public in Hong Kong with a $1 billion target, but shifted to the U.S. hoping to raise a higher amount. It now seems OneConnect has settled for half that amount, if the report was correct.

Read more about


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.