China-based cloud financial technology platform OneConnect Financial Technology filed for an initial public offering in a listing that could help buoy the sagging market for new US listings. The company, one of several Ping An Insurance (Group) businesses backed by SoftBank Group, listed its offering size as US$100 million in a filing on Wednesday. That is typically a place holder that may change. OneConnect opted for a New York listing despite US-China tensions. The company earlier considered a Hong Kong listing with a target of raising about US$1 billion at a valuation of about US$8 billion, Bloomberg reported in February. OneConnect’s filing follows this year’s surge in US IPOs that peaked with Uber Technologies’ US$8.1 billion offering in May. Twenty listings in October raised US$2.41 billion, although plans for several big listings were scrapped or delayed, according to data compiled by Bloomberg. The year’s US listings – 158 raising more than US$47 billion combined – have included 24 by China- and Hong Kong-based companies that accounted for US$3.05 billion of that total. Only three of those companies are currently trading above their offer price, data showed. 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. Alibaba unveils Hong Kong secondary listing plan 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. SoftBank’s deal making prowess is being questioned after WeWork abandoned plans for an IPO of as much as US$3.5 billion and the uncertain path to profitability for some other of its portfolio companies, including Didi Chuxing. WeWork’s troubles should not affect OneConnect’s plan for a public listing or its valuation, Ping An co-chief executive Jessica Tan said in an interview on Sunday, citing potential demand for enterprise technology services in China. Why Alibaba chose Hong Kong as home for its second IPO OneConnect had a net loss of US$147 million on revenue of US$218 million during the nine months ended September 30, compared with an US$82 million net loss on revenue of US$128 million for the same period last year, the filing shows. Since 2017, Ping An Group has extended to OneConnect more than US$1 billion in loans with interest rates ranging from 4.55 per cent to 7.3 per cent. The offering is being led by Morgan Stanley, Goldman Sachs, JPMorgan Chase and Ping An Securities Group Holdings. OneConnect said in the filing that it plans to list its shares on the New York Stock Exchange or the Nasdaq Global Market under the symbol OCFT.