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Ping An’s OneConnect Financial Cuts IPO Target by Almost Half

Crystal Tse

(Bloomberg) -- China-based cloud fintech platform OneConnect Financial Technology Co. cut its planned U.S. initial public offering set for Thursday by almost half.

The company, one of several Ping An Insurance (Group) Co. businesses backed by SoftBank Group Corp., said in a filing Wednesday that it was reducing both the size of the share sale as well as the targeted price range. Instead of raising as much as $504 million, the listing is now targeting as much as $260 million.

OneConnect is now planning to sell 26 million shares for $9 to $10 each, instead of 36 million for $12 to $14 as planned earlier, according to the filing.

OneConnect opted for a New York listing despite U.S.-China tensions. The company earlier considered a Hong Kong listing with a target of raising about $1 billion at a valuation of about $8 billion, Bloomberg reported in February.

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OneConnect, backed by SoftBank’s Vision Fund, provides technology solutions that help increase revenue and manage risks for small and midsize financial institutions in China.

SoftBank has placed bets on companies under the state-linked insurer Ping An, as part of its play in combining technology and insurance. Last year, Vision Fund invested in Ping An Good Doctor and Ping An Healthcare Technology.

OneConnect had a net loss of $147 million on revenue of $218 million during the nine months ended Sept. 30, compared with an $82 million net loss on revenue of $128 million for the same period last year, its filings show. Since 2017, Ping An Group has extended to OneConnect more than $1 billion in loans with interest rates ranging from 4.55% to 7.3%.

The offering is being led by Morgan Stanley, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Ping An Securities Group Holdings Ltd. OneConnect said in the filing that it plans to list its shares on the New York Stock Exchange under the symbol OCFT.

To contact the reporter on this story: Crystal Tse in New York at ctse44@bloomberg.net

To contact the editors responsible for this story: Liana Baker at lbaker75@bloomberg.net, Michael Hytha, Matthew Monks

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.