OneConnect Financial Technology, the fintech arm of China’s largest insurance coverage firm, filed a prospectus on Wednesday for an preliminary public providing (IPO) with the U.S. Securities and Exchange Commission (SEC). The agency plans to checklist its shares on NASDAQ.
OneConnect’s submitting with the SEC right now referred to as for a goal increase of $100 million, although that determine might go increased.
Reuters reported in September that the corporate was on the lookout for a New York itemizing after it did not go public in Hong Kong with a better valuation. According to the report, the corporate had hoped to lift $1 billion by way of the IPO with a valuation of $eight billion.
The IPO’s underwriters embody Morgan Stanley, Goldman Sachs, JPMorgan, HSBC and others.
The firm is a unit of Ping An Insurance and instantly backed by Japanese personal fairness large SoftBank, which led a Series A funding spherical valuing OneConnect at $7.5 billion in 2019, in keeping with Ping An’s 2019 annual report.
Ping An has filed for the second-most blockchain patents in China, with 274 on the finish of the primary half of 2019, in keeping with its annual report, which mentioned that OneConnect will dedicate 1 p.c of its annual income to blockchain improvement.
OneConnect has eight devoted analysis institutes and 50 know-how labs engaged on blockchain tasks throughout monetary companies industries. Its FiMax blockchain community is alleged to enhance data-sharing and privateness processes, in keeping with a OneConnect white paper.
Grand ambitions
The white paper detailed each its present and future tasks throughout commerce finance, asset securitization and supply-chain financing, in addition to 14 use circumstances that may be utilized to sectors outdoors of banking – together with healthcare, actual property and smart-city administration.
OneConnect was the primary member of the R3 enterprise blockchain consortium in 2019, whereas exploring a few of its purposes with the Hyperledger-based technical infrastructure.
Blockchain is likely one of the firm’s 4 main enterprise traces together with synthetic intelligence, huge information and cloud companies that might use blockchain applied sciences, in keeping with OneConnect’s web site.
Two of its tasks have been included within the newest blockchain tasks registration checklist filed with the China Cyberspace Administration in October. They included an information analytics platform and a blockchain-based voting and decision-making system.
According to the 2019 annual report, OneConnect has labored for greater than 200 Chinese banks, 200,000 enterprises and 500 authorities and industrial establishments.
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