SoftBank’s China strategy wobbles as key bets disappoint [Reuters]
OneConnect Financial Technology Co., Ltd. American Depositary Shares, each representing thirty ordinary shares (OCFT)
Company Research
Source: Reuters
SoftBank’s China strategy wobbles as key bets disappoint HONG KONG/BEIJING (Reuters) - For SoftBank Group Inc, financial technology firm OneConnect’s IPO should have been a vindication of an aggressive China investing strategy. Instead, embarrassed bankers had to slash the offering size and cut its price as investors baulked at a business model seen too reliant on majority owner Ping An Insurance. The IPO valued OneConnect at $3.7 billion, about half its worth last year when SoftBank’s Vision Fund invested $100 million, and its stock was down slightly in its debut on Friday. OneConnect Financial Technology is just one of many China bets placed by the Japanese investment giant or its massive Vision fund which have run into trouble. That’s added to global woes for SoftBank CEO Masayoshi Son, under fire for bad judgement and insufficient due diligence, exemplified by U.S. office-space startup WeWork’s disastrous IPO attempt and subsequent bailout. In ZhongAn Online P&C Insurance Co Ltd’s
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- OneConnect Financial Technology reports Q3 results [Seeking Alpha]Seeking Alpha
- OneConnect Releases Q3 2024 Results with Net Profit Attributable to Parent Company Reaching RMB110 million [Yahoo! Finance]Yahoo! Finance
- OneConnect Announces Third Quarter and Nine Months Ended September 30, 2024 Unaudited Financial Results [Yahoo! Finance]Yahoo! Finance
- OneConnect Announces Third Quarter and Nine Months Ended September 30, 2024 Unaudited Financial ResultsPR Newswire
- OneConnect to Announce Third Quarter 2024 Financial ResultsPR Newswire
OCFT
Sec Filings
- 11/14/24 - Form 6-K
- 11/5/24 - Form 6-K
- 11/5/24 - Form SC
- OCFT's page on the SEC website