US IPO launched by OneConnect
From China to the States: US IPO launched by OneConnect
China’s largest insurance company Ping An Insurance has launched its AI and blockchain activities with OneConnect on a US stock exchange. A daring action, in the middle of a trade war between China and the USA?
OneConnect Financial Technology has US dollar started on December 3 its initial public offering in the United States worth 504 million, as the news agency Reuters reported. OneConect is a subsidiary of Ping An Insurance Group Co. of China Ltd, the largest Chinese insurance company by market value.
OneConnect intends to issue 36 million American Depository Shares (ADS) at an initial price of $ 12 to $ 14 per share on the New York Stock Exchange (NYSE) Initial Public Offering (IPO). Each ADS represents three OneConnect shares. This is from a US Securities and Exchange Commission (SEC) prospectus updated on December 2 .
In this price range, OneConnect is estimated to be between $ 4.5 billion and $ 5.5 billion, according to experts. This is well below the $ 7.5 billion rating that OneConnect launched in its first round of financing last year. The financial technology company had received $ 750 million from investors such as the Japanese SoftBank and the Japanese financial company SBI Group. That would indicate a downward movement — a decline in the valuation after a reinvestment — of the technology company.
OneConnects US-Börsengang im Down Turn
China, From China to the States: US IPO launched by OneConnect
Neither Ping An nor OneConnect wanted to comment on the current rating. According to Reuters OneConnect had planned in June, an IPO of up to 1 billion US dollars. The valuation at the time was around 8 billion US dollars.
If a greenshoe or over-allotment option is fully exercised, OneConnect may take up to $ 580 million on its NYSE IPO.
Originally, the shares of the AI and Blockchain service providers were to be traded in Hong Kong .
According to the SEC application, OneConnect Financial Technology is registered in the Cayman Islands. Hong Kong companies are coordinating their business in China. These Hong Kong offshoots from OneConnect are once again subsidiaries of Caribbean-based companies.
According to the IPO prospectus, OneConnect generated revenue of $ 198 million in 2018, but made losses of over $ 111 million. So far, sales have soared in 2019, but losses have also increased.
China: Courage or Despair in US IPO?
China’s largest insurance group, Ping An, has certainly not decided to list OneConnect, one of its most important future-oriented sectors, on a US stock exchange in light of the months-long protests in Hong Kong. China is well aware that in a further escalating trade war, the US could directly influence the development of Chinese advanced technology.
The US and China are currently not only arguing about current account deficits and competitive conditions. Will the US remain the all-determining world power in this century, or could China play that role? Both seem to agree that blockchain development and advances in artificial intelligence are shaping the future.
The digital arms race has started a long time ago. Originally, the idea behind Bitcoin and Blockchain was to prevent fraud in digital money systems (double-spending) and to limit the power of states and banks.
China, in particular, is now trying to build the very opposite with the help of AI and blockchains: comprehensive surveillance systems in which state secret services are no longer concealed. In the end, not only will it be decided which state can assert itself as a world power. The blockchain development will also determine whether we will be societies with free or constantly monitored citizens.
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Published at Wed, 04 Dec 2019 19:39:54 +0000
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