Ping An OneConnect Blockchain Arm Looks to IPO on the NYSE for $500 Million

    The Chinese arm of giant Ping An, OneConnect, is going to file an Initial Public Offering for the US on the (NYSE) in the amount of Five Hundred Million Dollars at the end of next week.

    The cost of the Thirty-Six million (ADS) shares is set at Twelve to Fourteen dollars each, based on OneConnect's highest capital they obtained at about Five Million Dollars. The Hong Kong-based Ping An Securities, JPMorgan Chase, Goldman Sachs and Morgan Stanley will be the leading underwriters for offering, enjoying the 5.4 million over-allotment option of shares of ADS.

    OneConnect Provides Its Services to Financial Institutions

    As a commercial technology cloud platform providing services to financial institutions,OneConnect, more precisely offers technical support and business application to financial institutions and integrates its technology and financial knowledge to help its customers digitalize and therefore, reduce risks while improving efficiency.

    It’s working with blockchain tech and has achieved very good results in the sectors of big data, artificial intelligence and other services that could benefit from the blockchain tech.

    FiMAX from OneConnect Can Achieve 50,000 TPS

    OneConnect has managed to successfully file two blockchain services: OneConnect blockchain and Cross-Border Trade Platform in Tianjin Port. They also state its FiMAX blockchain tech makes 50,000 TPS (transactions per second), all this while supporting the low latency under 0.05 seconds, because it has a adopted a design based on zero-knowledge proof algorithms.

    OneConnect Has Good Reasons to Brag

    Until the end of September 2019, OneConnect was working with over 3,700 institutional clients and had the mainstream Chinese banks covered, including the 6 state-owned ones and the 12 joint-stock banks. 99% of its customers are commercial banks from urban areas, while 46% insurance companies. More than this, OneConnect owns 2,850 domestic patent applications and 542 foreign ones. Ever since 2018, it functions overseas and has subsidiaries in Singapore, Hong Kong and Indonesia.

    It also owns the eTrade Connect blockchain platform for trade linkage for the Hong Kong Monetary Authority that offers its services to 13 of the mainstream banks. For the year 2017, OneConnect had a revenue of 582 million Chinese yuan, while for 2018, 1,413 billion Chinese yuan, increasing by 142.9% every year. Until September 30, 2019, the OneConnect revenue was 1,555 billion Chinese yuan, which means 72.2% more than the same time period in 2018. The net losses before the same date were 1,049 million Chinese yuan.

    What Will Happen After IPO?

    The IPO will cause the shareholding ratio of Sen Rong limited to be 45.1%, 35.9% for Ping An Group and 5.5% for SBI. There are 4 ways to use the raised funds. The first is to increase the technical capability of the platform, the second is to expand the business overseas together with the strategic investment, the third is to try and improve marketing, while the fourth is regarding corporate purposes.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Oana Ularu
    Oana Ularu
    Curious about what’s going on with all the money in the world, Oana is bringing you the latest news in the crypto world. She’s aware of the fact that you need to know everything that’s happening on the financial scene in order to play the cryptocurrency market, so you can count on her to share with you every little detail on what matters.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Chart News

    Today's Latest Crypto News

    Decentralized Finance (DeFi) Grew To $668 Million In 2019, How Will Taxes Be Calculated?

    2019’s decentralized finance (DeFi) boom that has led to more than $785 million being locked in crypto assets is giving accountants serious headaches. Antoine Scalie,...

    TRON Dev Team, TRONZ, Forks ZCash's Privacy Tech, Zk-SNARKs To Add to MainNet

    TRONZ team is set to implement privacy protocol which is poised to be the biggest Multi-party Computation in blockchain’s history. Tron states that a...

    Chrysler Building's Blockchain Real Estate Owners To Sell Building In Zurich, $135M Cash & ERC20

    The current owner of the Chrysler building is offloading a property valued at around $135 million to a blockchain-based real estate firm. It’s expected...

    Crypto Wallet BRD Expands Core Business, Launches Enterprise Blockchain Service ‘Blockset'

    BRD, a Mobile crypto wallet services provider backed by Ripple as well as SBI Holding, has announced it is expanding to the enterprise sector...

    Ripple: Asia-Pacific Remittance Market Seeing Growing Demand And is Ripe for Digitalization

    APAC digital transfer and remittance market expected to grow by 24.2% from 2018 until 2025 But what’s astounding is the expensive services charging...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.