OneConnect Financial Technology

OneConnect to Announce Fourth Quarter and Full Year 2023 Financial Results

Retrieved on: 
Wednesday, March 6, 2024

A conference call will follow on the same day.

Key Points: 
  • A conference call will follow on the same day.
  • The Company's management will hold an earnings conference call on Monday, March 18, 2024, at 8:00 A.M. U.S. Eastern time or Monday, March 18, 2024, at 8:00 P.M. Hong Kong time.
  • For participants who wish to join the conference, please complete the online registration using the link provided above at least 20 minutes prior to the scheduled call start time.
  • For participants who wish to raise queries during the conference, please use the dial-in numbers provided in the email reminder.

OneConnect Announces Extraordinary General Meeting Results

Retrieved on: 
Tuesday, January 16, 2024

SHENZHEN, China, Jan. 16, 2024 /PRNewswire/ -- OneConnect Financial Technology Co., Ltd. ("OneConnect" or the "Company") (NYSE: OCFT and HKEX: 6638), a leading technology-as-a-service provider for financial institutions in China, today announced the results of its extraordinary general meeting of shareholders held in Shenzhen on January 16, 2024.

Key Points: 
  • SHENZHEN, China, Jan. 16, 2024 /PRNewswire/ -- OneConnect Financial Technology Co., Ltd. ("OneConnect" or the "Company") (NYSE: OCFT and HKEX: 6638), a leading technology-as-a-service provider for financial institutions in China, today announced the results of its extraordinary general meeting of shareholders held in Shenzhen on January 16, 2024.
  • At the meeting, the shareholders of OneConnect Financial Technology Co., Ltd. approved, ratified and/or confirmed the following resolution:
    The share purchase agreement dated November 13, 2023 (the "Share Purchase Agreement") entered into among Lufax Holding Ltd ("Lufax"), OneConnect Financial Technology Co., Ltd. ("OneConnect") and Ping An OneConnect Bank (Hong Kong) Limited ("PAOB"), pursuant to which OneConnect conditionally agreed to sell, and Lufax conditionally agreed to acquire PAOB through transferring the entire issued share capital of Jin Yi Tong Limited, a company which indirectly holds 100% of the issued share capital of PAOB at a consideration of HK$933,000,000 be and is hereby approved, ratified and confirmed; and any one Director of the Company be and is hereby authorized, in his or her absolute discretion deemed appropriate or expedient and in the interests of the Company and its shareholders as a whole, to do all such acts and things which he/she may consider necessary, desirable or expedient to implement the transactions contemplated under the Share Purchase Agreement and completion thereof.

Hosted PBX Market worth $24.9 billion by 2028 - Exclusive Report by MarketsandMarkets™

Retrieved on: 
Monday, December 18, 2023

An instrumental driver within the Hosted PBX Market is the provision of Managed Services, offering businesses invaluable access to specialized technical support teams.

Key Points: 
  • An instrumental driver within the Hosted PBX Market is the provision of Managed Services, offering businesses invaluable access to specialized technical support teams.
  • As a result, businesses can efficiently harness the full capabilities of hosted PBX, leading to widespread adoption and market expansion.
  • To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall Hosted PBX Market.
  • To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Hosted PBX Market.

Hosted PBX Market worth $24.9 billion by 2028 - Exclusive Report by MarketsandMarkets™

Retrieved on: 
Monday, December 18, 2023

An instrumental driver within the Hosted PBX Market is the provision of Managed Services, offering businesses invaluable access to specialized technical support teams.

Key Points: 
  • An instrumental driver within the Hosted PBX Market is the provision of Managed Services, offering businesses invaluable access to specialized technical support teams.
  • As a result, businesses can efficiently harness the full capabilities of hosted PBX, leading to widespread adoption and market expansion.
  • To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall Hosted PBX Market.
  • To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Hosted PBX Market.

Chinese Firms Show Resilient Interest in U.S. IPOs Despite Regulatory Hurdles

Retrieved on: 
Monday, December 4, 2023

NEW YORK, Dec. 4, 2023 /PRNewswire/ -- Despite regulatory challenges and geopolitical tensions, there is a sustained interest among Chinese companies in listing on U.S. stock exchanges. This trend is indicative of the global financial clout and reputation of U.S. capital markets, which offer Chinese firms access to a wider investor base and potentially higher valuations than domestic or other international exchanges. The U.S. stock market, being one of the largest and most liquid in the world, provides significant advantages for Chinese companies seeking to expand their international presence and secure capital for growth and innovation. As of October, seventeen Chinese companies raising a total of $405 million started trading on U.S. exchanges this year, according to data from IPO research firm Renaissance Capital. Last year's 14 IPOs raised a total of $468 million. VCI Global Limited (NASDAQ: VCIG), Tencent Holding Ltd. (OTC: TCEHY), Lufax Holding Ltd (NYSE: LU), Qifu Technology, Inc. (NASDAQ: QFIN)

Key Points: 
  • NEW YORK, Dec. 4, 2023 /PRNewswire/ -- Despite regulatory challenges and geopolitical tensions, there is a sustained interest among Chinese companies in listing on U.S. stock exchanges.
  • VCI Global Limited (NASDAQ: VCIG), Tencent Holding Ltd. (OTC: TCEHY), Lufax Holding Ltd (NYSE: LU), Qifu Technology, Inc. (NASDAQ: QFIN)
    This ongoing interest, despite regulatory and geopolitical headwinds, underscores the strategic importance and perceived benefits of U.S. listings for Chinese companies.
  • "During the quarter, despite the macro uncertainty, we continued to improve our operational efficiency and drive for better economic returns.
  • Meanwhile, we are continuing to strengthen our commercialization efficiency by integrating advertising solutions and live broadcasting across our content ecosystem.

Chinese Firms Show Resilient Interest in U.S. IPOs Despite Regulatory Hurdles

Retrieved on: 
Monday, December 4, 2023

NEW YORK, Dec. 4, 2023 /PRNewswire/ -- Despite regulatory challenges and geopolitical tensions, there is a sustained interest among Chinese companies in listing on U.S. stock exchanges. This trend is indicative of the global financial clout and reputation of U.S. capital markets, which offer Chinese firms access to a wider investor base and potentially higher valuations than domestic or other international exchanges. The U.S. stock market, being one of the largest and most liquid in the world, provides significant advantages for Chinese companies seeking to expand their international presence and secure capital for growth and innovation. As of October, seventeen Chinese companies raising a total of $405 million started trading on U.S. exchanges this year, according to data from IPO research firm Renaissance Capital. Last year's 14 IPOs raised a total of $468 million. VCI Global Limited (NASDAQ: VCIG), Tencent Holding Ltd. (OTC: TCEHY), Lufax Holding Ltd (NYSE: LU), Qifu Technology, Inc. (NASDAQ: QFIN)

Key Points: 
  • NEW YORK, Dec. 4, 2023 /PRNewswire/ -- Despite regulatory challenges and geopolitical tensions, there is a sustained interest among Chinese companies in listing on U.S. stock exchanges.
  • VCI Global Limited (NASDAQ: VCIG), Tencent Holding Ltd. (OTC: TCEHY), Lufax Holding Ltd (NYSE: LU), Qifu Technology, Inc. (NASDAQ: QFIN)
    This ongoing interest, despite regulatory and geopolitical headwinds, underscores the strategic importance and perceived benefits of U.S. listings for Chinese companies.
  • "During the quarter, despite the macro uncertainty, we continued to improve our operational efficiency and drive for better economic returns.
  • Meanwhile, we are continuing to strengthen our commercialization efficiency by integrating advertising solutions and live broadcasting across our content ecosystem.

OneConnect Announces Third Quarter and Nine Months Ended September 30, 2023 Unaudited Financial Results

Retrieved on: 
Monday, November 13, 2023

SHENZHEN, China, Nov. 13, 2023 /PRNewswire/ -- OneConnect Financial Technology Co., Ltd. ("OneConnect" or the "Company") (NYSE: OCFT and HKEX: 6638), a leading technology-as-a-service provider for financial services industry in China, today announced its unaudited financial results for the third quarter and nine months ended September 30, 2023.

Key Points: 
  • Gross profit in the third quarter of 2023 decreased to RMB295 million from RMB375 million for the same period in the prior year.
  • Gross margin decreased slightly by 0.1 percentage point from 35.1% in the third quarter of 2022 to 35.0% in the third quarter of 2023.
  • For a reconciliation of the Company's IFRS and non-IFRS gross margin, please refer to "Reconciliation of IFRS and Non-IFRS Results (Unaudited)".
  • For the third quarter of 2023, net cash used in operating activities was RMB190 million.

Lufax Reports Third Quarter 2023 Financial Results

Retrieved on: 
Monday, November 13, 2023

For the third quarter of 2023, the Company's retail credit enablement business take rate[1] based on loan balance was 7.8%, unchanged from the third quarter of 2022.

Key Points: 
  • For the third quarter of 2023, the Company's retail credit enablement business take rate[1] based on loan balance was 7.8%, unchanged from the third quarter of 2022.
  • C-M3 flow rate[2] for the total loans the Company had enabled was 1.1% in the third quarter of 2023, compared to 1.0% the second quarter of 2023.
  • Flow rates for the general unsecured loans and secured loans the Company had enabled were 1.2% and 0.7% respectively in the third quarter of 2023, as compared to 1.2% and 0.5% respectively in the second quarter of 2023.
  • Mr. David Choy, Chief Financial Officer of Lufax, commented, "We remained committed to our cost optimization efforts during the third quarter.

OneConnect to Announce Third Quarter 2023 Financial Results

Retrieved on: 
Wednesday, November 1, 2023

SHENZHEN, China, Nov. 1, 2023 /PRNewswire/ -- OneConnect Financial Technology Co., Ltd. (NYSE: OCFT and HKEX: 6638) ("OneConnect" or the "Company"), a leading technology-as-a-service provider for financial institutions in China, today announced that it will release the quarterly results of the Company and its subsidiaries for the three months ended September 30, 2023, and its publication after U.S. markets close on Monday, November 13, 2023.

Key Points: 
  • SHENZHEN, China, Nov. 1, 2023 /PRNewswire/ -- OneConnect Financial Technology Co., Ltd. (NYSE: OCFT and HKEX: 6638) ("OneConnect" or the "Company"), a leading technology-as-a-service provider for financial institutions in China, today announced that it will release the quarterly results of the Company and its subsidiaries for the three months ended September 30, 2023, and its publication after U.S. markets close on Monday, November 13, 2023.
  • A conference call will follow on the same day (U.S. Eastern time).
  • The Company's management will hold an earnings conference call on Monday, November 13, 2023, at 7:00 P.M. U.S. Eastern time (Tuesday, November 14, 2023 8:00 A.M. Hong Kong time).
  • For participants who wish to raise queries during the conference, please use the dial-in numbers provided in the email reminder.

OneConnect Announces Second Quarter and First Half 2023 Unaudited Financial Results

Retrieved on: 
Wednesday, August 16, 2023

SHENZHEN, China, Aug. 16, 2023 /PRNewswire/ -- OneConnect Financial Technology Co., Ltd. ("OneConnect" or the "Company") (NYSE: OCFT and HKEX: 6638), a leading technology-as-a-service provider for financial services industry in China, today announced its unaudited financial results for the second quarter and half year ended June 30, 2023.

Key Points: 
  • Gross profit in the second quarter of 2023 decreased to RMB353 million from RMB410 million for the same period in the prior year.
  • Gross margin remained stable at 36.2% in the second quarter of 2023 and the same period in the prior year.
  • Loss from operations for the second quarter of 2023 narrowed notably to RMB79 million, compared with RMB278 million for the same period in the prior year.
  • For the second quarter of 2023, net cash used in operating activities was RMB20 million.