Shares of SoftBank-backed OneConnect rise 5% in U.S. market debut [Reuters]
OneConnect Financial Technology Co., Ltd. American Depositary Shares, each representing thirty ordinary shares (OCFT)
Company Research
Source: Reuters
Shares of SoftBank-backed OneConnect rise 5% in U.S. market debut Dec 13 (Reuters) - Shares of OneConnect Financial Technology jumped 5% in their U.S. market debut on Friday, valuing the Chinese cloud tech firm at $3.79 billion. Shares opened at $10.51 compared with its IPO price of $10. OneConnect, which focuses on small and medium-sized businesses, raised around $312 million on Thursday, selling 31.2 million American depositary shares (ADS). The company had slashed its IPO size by 28% on Wednesday and lowered its target price range to $9 to $10 per share from $12 to $14 per share. Analysts said investors would buy SoftBank’s inflated private assets in the public market only when they were offered at a lower price. In October, Softbank-backed infectious disease researcher Vir Biotechnology Inc priced its IPO at the lower end of the target range. OneConnect, a unit of China’s biggest insurer by market value Ping An Insurance Group Co of China Ltd, counts Japan’s SoftBank and SBI Group
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