Ping An Fintech Vehicle OneConnect Halves Stateside IPO Target to $500 Million

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OneConnect Financial Technology has dramatically reduced the target offering size for its long-anticipated stateside initial public offering (IPO) to around USD$500 million.

Sources said to Reuters that OneConnect – a unit of China’s Ping An Insurance Group, is aiming for a valuation of between $4.5 billion and $5.5 bill, as compared to a valuation of $7.5 billion last year during its $750 million debut funding round.

In June of this year reports indicated that OneConnect’s proposed valuation would be around $8 billion, for an IPO of up to $1 billion.

OneConnect’s prospectus points to revenues of 1.55 billion yuan ($218 million) in the first nine months of 2019, for a YoY rise of 72%, alongside losses of 1 billion yuan, as compared to 579 million yuan in losses for the same period last year.

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