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Ping An’s OneConnect Financial Files for IPO Amid U.S. Lull

SoftBank-backed venture reduces offer size to $110 million
Ping An earlier considered Hong Kong listing for OneConnect

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By Crystal Tse and Yueqi Yang

November 13, 2019 at 7:39 PM UTC

Updated on

November 14, 2019 at 12:25 AM UTC

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China-based cloud fintech platform OneConnect Financial Technology Co. filed for an initial public offering in a listing that could help buoy the sagging market for new U.S. listings.

The company, one of several Ping An Insurance (Group) Co. businesses backed by SoftBank Group Corp., listed its offering size as $100 million in a filing Wednesday. That’s typically a placeholder that may change.