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OneConnect Announces Fourth Quarter and Full Year Unaudited Financial Results

Retrieved on:

Monday, March 18, 2024

OneConnect Financial Technology, KPMG, Growth, RMB, Disposal, Research, IDC, AI, ADS, Information and communications technology, Architecture, PAOB

SHENZHEN, China, March 18, 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 services industry in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2023.

Key Points:

In December 2022, the Company effected an ADS ratio change to
for all periods presented in this press release.
OneConnect is committed to upgrading and transforming the financial industry with technology innovations, focusing on serving premium-plus customers and products optimization to meet financial institutions' core demands to improve operational efficiency.
Mr. Yongtao Luo, Chief Financial Officer, commented, "I am pleased to share that our efforts to manage costs and drive operational efficiencies have yielded significant results, demonstrating promising path to profitability.
This not only demonstrates our commitment to financial health but also indicates a positive trajectory towards profitability.

OneConnect Announces Extraordinary General Meeting Results

Retrieved on:

Tuesday, January 16, 2024

OneConnect Financial Technology, PAOB, HKEX, Cryptocurrency

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.

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.

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.

Ping An committed to developing financial services and technology to improve financial inclusion, sustainability and integration in Greater Bay Area

Retrieved on:

Wednesday, November 2, 2022

Over five years, Ping An has enhanced its presence in healthcare and technology development through the rapid growth of Ping An Health, an online-to-offline healthcare service platform, and OneConnect Financial Technology ("OneConnect"), a technology-as-a-service provider for financial institutions.

Key Points:

Over five years, Ping An has enhanced its presence in healthcare and technology development through the rapid growth of Ping An Health, an online-to-offline healthcare service platform, and OneConnect Financial Technology ("OneConnect"), a technology-as-a-service provider for financial institutions.
Meanwhile in Hong Kong, Ping An OneConnect Bank ("PAOB"), a virtual bank, has helped improve financial inclusion for SMEs as well.
"Building a Greater Bay Area is a long-term project and it will be important to develop a good financial, technological and physical infrastructure at this early juncture," she said.
Through its technology and banking solutions, Ping An will continue to work on integrating the financial ecosystems in the Greater Bay Area.

Ping An Co-CEO Sees Greater Bay Area Opportunity for Hong Kong with Three Challenges ahead

Retrieved on:

Monday, December 6, 2021

GBA, Government, API, Bank, Technology, HKEX, SSE, Blockchain, Ping An Insurance, RMB, SME, Insurance, Artificial intelligence, Guangdong-Hong Kong-Macau Greater Bay Area, The Group, PAOB, Big data, Tutoring, Speciality chemicals

"I really hope we can take advantage of this, particularly Hong Kong as an international financial center."

Key Points:

"I really hope we can take advantage of this, particularly Hong Kong as an international financial center."
Across the three jurisdictions of Guangdong, Hong Kong and Macao, there are multiple government departments, each with their own standards and procedures, Ms. Tan said.
"Hong Kong could actually take the lead because it's one of the international hubs to create such a platform to consolidate Hong Kong's own various government data," she said.
Ping An is launching an internship program to give young financial services and technology professionals experience working cross-border.

Ping An Co-CEO Sees Greater Bay Area Opportunity for Hong Kong with Three Challenges ahead

Retrieved on:

Monday, December 6, 2021

"I really hope we can take advantage of this, particularly Hong Kong as an international financial center."

Key Points:

"I really hope we can take advantage of this, particularly Hong Kong as an international financial center."
Across the three jurisdictions of Guangdong, Hong Kong and Macao, there are multiple government departments, each with their own standards and procedures, Ms. Tan said.
"Hong Kong could actually take the lead because it's one of the international hubs to create such a platform to consolidate Hong Kong's own various government data," she said.
Ping An also ranked 49th in the 2021 WPP Kantar Millward Brown BrandZTM Top 100 Most Valuable Global Brands list.

Hong Kong FinTech Week 2021: OneConnect Underscores Importance of FinTech to Greater Bay Area Development

Retrieved on:

Monday, November 8, 2021

HONG KONG and SHANGHAI, Nov. 7, 2021 /PRNewswire/ -- An integrated, seamlessly connected financial platform and FinTech talent are vital to the development of the Greater Bay Area ("GBA"), says Jessica Tan, co-CEO of Ping An Group.

Key Points:

HONG KONG and SHANGHAI, Nov. 7, 2021 /PRNewswire/ -- An integrated, seamlessly connected financial platform and FinTech talent are vital to the development of the Greater Bay Area ("GBA"), says Jessica Tan, co-CEO of Ping An Group.
OneConnect Financial Technology Co., Ltd. (short for "OneConnect ", NYSE: OCFT) is a leading technology-as-a-service platform provider.
Ms. Tan underscored the importance of cultivating Hong Kong's FinTech capabilities in a keynote delivered at Hong Kong FinTech Week.
Held from November 1-5, this year's event gathered world-renowned speakers, regulators, and industry players to "scale the FinTech future together."