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Ping An’s OneConnect Gears up for Hong Kong IPO
FinTech, Healthtech, Insurtech
Despite a challenging market for unicorns, Ping An’s fintech unit, OneConnect, has tapped several banks for a potential $1 billion IPO.
According to Reuters, OneConnect has hired Goldman Sachs, JP Morgan, and Morgan Stanley to work on its public offering in Hong Kong. The company is looking to list as early as September and may file with the Hong Kong Monetary Authority as soon as June.
OneConnect is reportedly seeking to raise as much as $1 billion and is targeting a valuation of roughly $8 billion.
It’ll join Ping An’s healthtech platform, Ping An Good Doctor, in listing in Hong Kong.
The fintech firm recently met with investors to update them about their IPO plans. Investors, however, were a little concerned about the timing, citing the “challenging market and falling valuations in China’s ‘unicorn’ space.” That said:
OneConnect clocked revenue of 1.56 billion yuan ($226 million) in 2018, an increase of 168% year-on-year, according to a presentation given to investors and seen by Reuters.
Photo: Tehani Schroeder