banking & banking

Ping An's OneConnect plans New York listing in mid-November: source

[HONG KONG] Ping An Insurance’s OneConnect financial technology unit is aiming for a stock market debut in New York in mid November this year, a person with direct knowledge of the matter said.

Ping An Insurance Group Co of China Ltd, China’s biggest insurer by market value, changed the listing venue to New York from Hong Kong a few months ago in the hope of achieving a higher valuation.

The company, which counts Japan’s SoftBank Corp among its main investors, was earlier looking to launch the initial public offering (IPO) as early as this month.

OneConnect, which provides technology solutions to small and medium-sized financial institutions, was eyeing a valuation of about US$8 billion and raise up to US$1 billion in the IPO, sources had told Reuters in June.

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The unit’s latest listing timetable could change subject to market conditions and investor reaction, however, said the person, who declined to be identified because he was not authorised to speak to media.

Ping An did not immediately reply to Reuters emails and phone calls.

The company raised US$750 million in its maiden funding round in 2018, valuing it at US$7.5 billion. It has previously selected JPMorgan, Goldman Sachs and Morgan Stanley to work on its IPO. 


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