What’s new: OneConnect Financial Technology Co. Ltd., a fintech unit of financial conglomerate Ping An Insurance (Group) Co. of China Ltd. (601318.SH), filed with the Hong Kong Stock Exchange Monday seeking to trade its shares in the city.
OneConnect plans to debut in Hong Kong by introduction — a way for publicly traded companies with good compliance to trade their existing shares on another bourse. This means the New York-traded business will not sell any fresh shares or raise any money from the move.
Goldman Sachs and HSBC are the joint sponsors for OneConnect’s listing in Hong Kong.
The background: Established in 2015, OneConnect helps banks and insurers offer digital services to clients. It went public on the New York Stock Exchange in December 2019. Its share price has lost 88.5% of its value since then.
OneConnect filed the Hong Kong listing plan the same day as electric-vehicle maker Nio Inc. won pre-approval for its secondary listing through the same introductory approach.
Unlike Nio, OneConnect said its offering in Hong Kong will be a dual listing equivalent to the status of its New York listing. It means the company will face stricter disclosure requirements compared with Nio’s secondary listing in Hong Kong.
Contact reporter Han Wei (weihan@caixin.com) and editor Bob Simison (bob.simison@caixin.com)
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