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Ping An’s OneConnect Financial Cuts IPO Target by Almost Half

China-based cloud fintech platform OneConnect Financial Technology Co. cut its planned U.S. initial public offering set for Thursday by almost half.

The company, one of several Ping An Insurance (Group) Co. businesses backed by SoftBank Group Corp., said in a filing Wednesday that it was reducing both the size of the share sale as well as the targeted price range. Instead of raising as much as $504 million, the listing is now targeting as much as $260 million.