Ping An’s Blockchain FinTech Wing OneConnect Plans US IPO in Mid-November


OneConnect is Ping An's insurance financial technology unit. The company is aiming at a stock market debut in the US in November. This is according to credible sources from Hong Kong.

OneConnect is China's biggest insurer, and it is said to instigate an initial public offering in the United States. The news was reported on Friday by Reuters saying the information came from a person who had direct knowledge of the issue. It is said that the company was looking to make the IPO as early as this month.

Reports that appeared in June had it that Ping An had decided to change its IPO location from Hong Kong to New York. This was done to achieve a higher valuation for their services. During that time, the giant Insurance company was aiming at raising $1 billion through the IPO and have an estimate of around $8 billion.

This company provides solutions technology-wise for small and medium-sized enterprises. The anonymous source said that the firm's latest listing timetable could be altered subject to the investor reaction and market conditions. The source, however, did not wish to be identified as they said they were not cleared to speak to the media.

Ping An declined to reply to phone calls and the several e-mails that were sent to them by Reuters.

Why It is Important to List in New York

OneConnect was able to raise $750 million in maiden funding that was conducted in 2018. At that time, the company was valued at $7.5 billion. The firm is also reported to have chosen Goldman Sachs GS.N, JP Morgan JPM.N, and Morgan Stanley MS.N to ensure the IPO becomes a success for the business.

Hong Kong has always been an inviting destination for tech company IPOs in China. This is attributed to the stock exchange's listing changes that were made last year. However, most board's recent listings have shown weak performances.

The trade tensions between the United States and China are more likely to make New York a prominent and prime location for businesses as the markets there are predictable and mature. Another significant contribution is the ongoing protests in Hong Kong which will affect the market.

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