OneConnect Financial Tech to raise US$312mBusiness | 13 Dec 2019 11:52 am
China-based cloud fintech platform OneConnect Financial Technology expanded its U.S. initial public offering to raise US$312 million, partly reversing cuts to its share-sale plans disclosed one day ago.
The company, one of several Ping An Insurance (Group) Co businesses backed by SoftBank Group Corp., sold 31.2 million American depositary shares for US$10 each Thursday, according to data compiled by Bloomberg.
OneConnect said in a filing Wednesday that it was cutting the shares it planned to sell to 26 million, as well as reducing the target range to US$9 to US$10 each. That would have raised only US$260 million, barely half of its earlier target of US$504 million.
OneConnect opted for a New York listing despite U.S.-China tensions.
The company earlier considered a Hong Kong listing with a target of raising about US$1 billion at a valuation of about US$8 billion, Bloomberg reported in February.
OneConnect, backed by SoftBank’s Vision Fund, provides technology solutions that help increase revenue and manage risks for small and midsize financial institutions in China.