OneConnect Posts 48% YoY Revenue Surge in Second Quarter, Losses Exceed 300 Million Yuan

30

Ping An Group’s New York-listed fintech subsidiary OneConnect Financial Tech has just released its performance results for the second quarter of 2020.

According to the results OneConnect saw second quarter revenues of 747 million yuan, for a rise of 48.4% compared to 522 million in the same period last year.

Gross profits saw growth of 93.4% in the second quarter to reach 297 million yuan, yet net profits attributable to shareholders remained negative at minus 330.9 million yuan.

A research report from Morgan Stanley expects OneConnect’s losses to start to narrow, however, with operating leverage enabling the company to achieve profitability by 2023.

According to analysts OneConnect will see annual compound growth in revenues of 47% over a three year period, for a rise from 2.3 billion yuan in 2019 to 7.3 billion yuan in 2023.

Morgan Stanley raised its target price for OneConnect to USD$27.00 from $24.78.

Related stories

Ping An’s OneCon­nect Fi­nan­cial Tech­nol­ogy Launches Blockchain As­so­ci­a­tion in Sin­ga­pore

OneCon­nect Uses Blockchain to Cre­ate Smart Ports in Greater Bay Area

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

LEAVE A REPLY

Please enter your comment!
Please enter your name here