Ping An’s OneConnect unit cuts the fundraising size in its New York initial public offering by almost half to US$260 million

China-based cloud fintech platform OneConnect Financial Technology cut its planned US initial public offering set for Thursday by almost half.

The company, one of several Ping An Insurance (Group) businesses backed by SoftBank Group, said in a filing Wednesday that it was reducing both the size of the share sale as well as the targeted price range. Instead of raising as much as US$504 million, the listing is now targeting as much as US$260 million.

OneConnect is now planning to sell 26 million shares for US$9 to US$10 each, instead of 36 million for US$12 to US$14 as planned earlier, according to the filing.

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, backed by SoftBank’s Vision Fund, provides technology solutions that help increase revenue and manage risks for small and midsize financial institutions in China.