Ping An’s OneConnect Financial files for US$100 million New York IPO
- Company earlier considered a Hong Kong listing with a target of raising about US$1 billion at a valuation of about US$8 billion
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.