Coinspeaker
Ping An’s OneConnect Plans for Mid-November IPO in the U.S. Market

Recently, people familiar with the matter, shared information that OneConnect, which is the fintech and blockchain unit of the Chinese insurance giant Ping An, is planning to debut in New York with an IPO. The company plans to launch the IPO in mid-November this year. Also, Japan’s SoftBank Corp. is one of the largest investors in the company.

Previously, the company had marked the listing venue in Hong Kong. However, a few months ago, it changed it to New York in order to achieve a more significant valuation. Additionally, the company earlier had planned to launch the IPO sometime this month, but later changed it to mid-November.

OneConnect’s plan was to expect a $8 billion valuation for the company and their goal is to raise another additional $1 billion during the IPO. Previously, the company had raised $750 million in its maiden funding round in 2018. Then the company reached a valuation of $7.5 billion. Also, at the time, they had selected JPMorgan, Goldman Sachs, and Morgan Stanley to participate in their IPO.

The person who shared this news wanted to stay anonymous because his contract didn’t allow him to talk to the media. Moreover, he expressed concern that this current OneConnect timetable for its IPO listing might change the market conditions and the reaction of investors.

OneConnect claims to be the leading technology-as-a-service platform in China. It offers its services to large and small financial institutions:

“The Company integrates extensive financial services industry expertise with market-leading technology to provide technology applications and technology-enabled business services to financial institutions. These solutions enable our customers’ digital transformations, which help them increase revenue, manage risks, improve efficiency, enhance service quality and reduce costs.”

Ping An Insurance Company of China is a holding conglomerate which mainly operates with banking, financial, and insurance instruments and services. Ping An was founded in 1988 and its main headquarters are in Shenzhen.

“Ping An endeavors to become a world-leading technology-powered retail financial services group upholding the belief of “technology-powered financial services for a better life” and boost the development by deepening “finance + technology” and exploring “finance + ecosystem”,” says the company on their website. 

Ping An’s OneConnect Plans for Mid-November IPO in the U.S. Market

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

151 +