Ping An’s fintech unit files for Hong Kong stock trading

What’s new: OneConnect Financial Technology Co. Ltd.a fintech unit of financial conglomerate Ping An Insurance (Group) Co. of China Ltd. (601318.SH), filed with the Hong Kong Stock Exchange on Monday to trade its shares in the city.

OneConnect plans to debut in Hong Kong by IPO — a way for listed companies with good compliance to trade their existing shares on another exchange. This means the New York-listed company will not sell new shares or raise money from the move.

Goldman Sachs and HSBC are joint sponsors of OneConnect’s Hong Kong listing.

The background: Created in 2015, OneConnect helps banks and insurers offer digital services to their customers. It went public on the New York Stock Exchange in December 2019. Its stock price has since lost 88.5% of its value.

OneConnect filed the Hong Kong listing plan on the same day as the EV maker Nio inc. obtained pre-approval for secondary registration through the same introductory approach.

Unlike Nio, OneConnect said its Hong Kong offering will be a dual listing equivalent to its New York listing status. This means the company will face stricter disclosure requirements compared to Nio’s secondary listing in Hong Kong.

Quick Takes are condensed versions of China-related stories for quick news that you can use.

Contact reporter Han Wei ([email protected]) and editor Bob Simonon ([email protected])

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