Insurance Giant ‘Ping An’ Begins IPO of $8 Billion Blockchain Company OneConnect

China’s largest insurance company Ping An (Group) Co, has recently announced its decision to commence an initial public offering of its financial management portal ‘OneConnect’ — a move which could push the valuation of the parent company to an impressive USD $8 billion.

In this regard, sources close to the matter claim that Ping An is looking to list OneConnect (in Hong Kong) by the start of Q3, 2019.

Not only that, but an anonymous individual close to the company has also claimed that the “share sale” event related to the upcoming offering could raise around $1 billion for the financial juggernaut.

More On The Matter

As many of our regular readers may remember, last year, Ping An had set a personal fundraising goal of around $3 billion — however, owing to increasingly volatile market conditions all through 2018, the firm was eventually forced to reschedule the listing.

It is being estimated that a OneConnect spinoff and IPO “would be one of the highest-profile deals in Hong Kong” as the Chinese economy has been on a bit of a down-slide over the past few months.

This has caused the Asian superpower to witness massive drops in the funding received by its otherwise burgeoning tech space.

About OneConnect

In its most basic sense, OneConnect is a cloud computing/ technology services provider that works primarily with small-to-medium-sized financial institutions. Over the past few years, the company has partnered with more than 460 banks as well as over 1,800 other financial services firms (including a wide array of fund managers and private-equity houses).

Last but not least, it should also be remembered that as per Ping An’s 2017 annual report, OneConnect has previously been able to raise a whopping sum of $650 million through the use of a series A financing round (which had valued the company to be around the $7.4 billion marks).

Final Take

In closing out this piece, it is worth mentioning that in 2018, Ping An spun off and floated Ping An Healthcare and Technology Co— a company that looks to provide hospitals, pharma agencies with platforms that can help streamline their internal admin operations.

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