Ping An FinTech arm chooses US over Hong Kong for IPO

November 15, 2019 | Machine Learning
Written by FinTech Alliance
Ping An FinTech arm chooses US over Hong Kong for IPO

The SoftBank-backed OneConnect sells tech platforms to smaller banks 

In Brief:

  • OneConnect is the the financial technology arm of China’s largest insurance company.
  • Bankers had initially estimated the company could raise up to $2bn in a potential Hong Kong listing
  • OneConnect's customer base includes all of China’s big banks and nearly half of the country’s insurance groups, with 3,700 customers in total.

What this means

In switching its IPO to the US OneConnect seems to be banking on its blockchain expertise to attract investors. Ping An has filed for the second-most blockchain patents in China, with 274 at the end of the first half of 2019.

Read more here

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