Ping An of China’s Blockchain Unit Chooses US over Hong Kong for IPO

作者: Sarah Tran   Sep 23, 2019 1 分钟阅读

Chinese insurance giant, Ping An Insurance’s financial technology arm, OneConnect is leaning towards choosing New York over Hong Kong for its initial public offering (IPO) this year in mid-November.


As China’s biggest insurer by market value, Ping An Insurance Group was planning its IPO originally in Hong Kong, aiming at a deal that could raise up to $1 billion at a valuation of around $8 billion. Invested by Japan’s SoftBank Corp, the insurer was earlier looking to launch the IPO as early as this month. - 2019-09-23T160558.921.jpg


The Chinese insurance giant is now looking to list OneConnect in the United States this month, according to a reliable source who shared this news with Reuters. New York was chosen over Hong Kong for this IPO in the hopes of achieving a higher valuation.


A source, who declined to be identified stated that the unit’s timetable to IPO could change subject to market conditions and investor reaction.


PingAn’s OneConnect received a virtual banking license by the Hong Kong Monetary Authority (HKMA) earlier this year to operate in Hong Kong. The insurance giant also helped the HKMA to build a blockchain trade finance platform, eTradeConnect.


JPMorgan, Goldman Sachs and Morgan Stanley were selected previously to work on OneConnect’s IPO. 



Image via Shutterstock

About the author

Sarah Tran   
Blockchain Journalist with a diverse background in the blockchain and crypto field.

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