Business· Fintech

Ping An targets listing of its OneConnect fintech platform this year

minutes 2019/05/20 04:58:48
oneconnect fintech; ping an insurance

May 20, 2019 (China Knowledge) - Ping An Insurance’s OneConnect fintech arm has enlisted Golman Sachs, JPMorgan and Morgan Stanley to work on its Hong Kong IPO which could potentially see the company raise up to USD 1 billion.

Ping An which is China’s largest insurer by market value is said to be looking to list its OneConnect finance arm which provides technology solutions to small and medium-sized financial institutions in the country as early as September this year.

Last year, OneConnect managed to raise USD 750 million in its first funding round, valuing it at USD 7.5 billion with investors such as Softbank and Japan’s SBI Group also participating in the round. The company managed to bring in revenues of RMB 1.56 billion last year, increasing by 168% year-on-year.

The company is reportedly targeting an IPO valuation of at least USD 8 billion. However, investors in the company are now concerned that an IPO this year will not be able to provide the company with a strong valuation given the current challenging market conditions and falling valuations among China’s tech unicorns.

Last year, Ping An also saw another of its units, Ping An Good Doctor getting listed in Hong Kong. The unit which is formally known as Ping An Healthcare and Technology Co., the healthcare arm of Ping An raised USD 1.12 billion in its IPO but has since seen its share price fall by more than 40%.

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