Chinese firm OneConnect has filed for an initial public offering (IPO) in the United States, seeking to raise $100 million. The company deals with financial technology, including blockchain and artificial intelligence. OneConnect had sought to list in Hong Kong in a $1 billion IPO earlier this year but those plans were scrapped.
OneConnect is a spin-off of Ping An, China’s largest insurer by market value and one of the world’s largest asset managers. As revealed by Bloomberg, the company generated $218 million in revenue in the first three quarters of the year. It however made a loss of $126 million. In a similar period in 2018, it went into a $111 million loss from $198 million in revenue.
OneConnect provides technology solutions that target companies in the finance and insurance industries, helping them manage risks, cut down on costs and boost their revenue. According to the IPO prospectus, it boasts of having all the major banks in China as well as 46% of all insurance companies in the country as clients. Altogether, it has more than 3,700 institutional clients using its AI and blockchain products.
The company also has a presence beyond China, expanding its operations in the recent months to other Asian countries. It recently set up an office in Singapore, while also partnering with Japan’s SBI Holdings to extend its operations in the lucrative Japanese financial services sector. OneConnect also partnered with UBX, a subsidiary of the Union Bank of the Philippines in a supply chain financing solution.
Other countries where the fintech firm has operations include Vietnam, Germany, Thailand and Malaysia.
The firm is seeking to list on the New York Stock Exchange or the Nasdaq Global Markets under the symbol OCFT. The offering will be led by Morgan Stanley, JPMorgan Chase and Morgan Stanley.
OneConnect is the latest blockchain related company to file for an IPO in the U.S. As CoinGeek reported, two of the largest crypto mining chips manufacturers have also filed for their IPOs. Bitmain seeks to raise $300-$500 million, while its rival Canaan Creative is seeking to raise $400 million.
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