A fintech unit of Chinese insurance giant Ping An filed for a listing on the Hong Kong Stock Exchange on Monday, reports Caixin. OneConnect Financial Technology plans to debut on the bourse through introduction—a way for publicly traded companies with good compliance to trade their existing shares on another exchange—meaning the New York-listed business will not sell any fresh shares or raise any money from the move.
Established in 2015, OneConnect helps banks and insurers offer digital services to clients. It went public on the New York Stock Exchange in December 2019. Its share price has lost 88.5% of its value since then. OneConnect filed the Hong Kong listing plan the same day as electric-vehicle maker Nio won pre-approval for its secondary listing through the same introductory approach.
Goldman Sachs and HSBC are the joint sponsors for OneConnect’s listing in Hong Kong.
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