Chinese Insurance Titan PingAm’s AI and Blockchain Arm, OneConnect, Files For $100M IPO In The US
- OneConnect chose to file their IPO in New York in an effort to secure higher valuation.
- OneConnect is the blockchain and fintech unit of Pin An.
OneConnect Financial Technology has been expanding on their fintech strategy with the development of Ai, big data, and blockchain technology. According to new reports from The Block, the Shenzhen-based company has recently filed for an initial public offering in the United States. OneConnect Financial Technology is the blockchain and fintech unit of Ping An, the latter of which has filed for the second-most blockchain patents in China.
The filing revealed a $147 million net loss on revenue of $218 million through September 2019 this year. Once listed, the brand will be listed under OCFT. While the filing with the SEC called for a $100 million target raise, there’s a chance that the figure could be pushed higher.
Previously, reports by Reuters revealed in September that OneConnect was considering New York for the IPO, hoping that their value would be higher than if the IPO was to be pursued in Hong Kong. At the time, the company was working to raise $1 billion through the IPO, valued at $8 billion. Morgan Stanley, Goldman Sachs, JPMorgan, HSBC, and others are included as underwriters of the IPO.
Now, OneConnect is in charge of operating FiMAX, a proprietary blockchain that the Hong Kong Monetary Authority launched for the creation of the eTradeConnect blockchain trade finance platform. The company also has eight dedicated research institutes and 50 technology labs under them, working across multiple financial services industries.
The white paper of OneConnect shows the current projects that the company has, along with the future products that they plan to launch across trade finance, asset securitization, and others. The whitepaper also includes 14 separate use cases that OneConnect can participate in with other sectors, like real estate and healthcare.