Welcome to our dedicated page for OneConnect Financial Technology Co., Ltd. American Depositary Shares, each representing thirty (30) Ordinary Shares news (Ticker: OCFT), a resource for investors and traders seeking the latest updates and insights on OneConnect Financial Technology Co., Ltd. American Depositary Shares, each representing thirty (30) Ordinary Shares stock.
OneConnect Financial Technology Co., Ltd. (symbol: OCFT) is a leading fintech SaaS provider based in Shenzhen, China, delivering advanced technology-enabled business solutions to financial institutions. The company's innovative technology platform integrates world-class technologies such as AI, blockchain, cloud computing, and biometric identification, to serve an extensive range of financial services including digital banking, digital insurance, digital investment solutions, and SaaS cloud platforms.
OneConnect’s impressive portfolio comprises 101 products that cover various aspects of financial services from sales, product development, and risk management, to operations and technology. This comprehensive approach ensures the company addresses the needs of small and medium-sized financial institutions, helping them achieve digital transformation, improve efficiency, enhance service quality, and mitigate risks.
The company boasts one of the world's best technology development teams, achieving notable milestones in the field of AI with 99.8% recognition accuracy in facial recognition and over 99% accuracy in voiceprint recognition. Their continued efforts in technological innovation have been recognized globally, including being named one of the “IDC China FinTech Top 50” for four consecutive years and securing spots on the “Global Top 100 FinTech Companies” and “China FinTech Enterprise Excellence Award.”
Despite facing challenges like headwinds in revenue and changing market conditions, OneConnect has actively implemented strategic measures to optimize cost structures and improve operational efficiency. Notably, the company's third-quarter financial results for 2023 showed significant improvement in their non-IFRS gross margin, which increased from 38.4% to 39.4%. Furthermore, their net loss ratio to shareholders improved from -12.4% to -10.8%, reflecting their robust strategy towards achieving profitability.
In addition to its strong financial performance, OneConnect has also expanded its services internationally. In 2023, revenue from overseas customers increased by 37.2%, testament to the global demand for their technological solutions. This international expansion is expected to continue driving the company’s growth, further solidifying their position as a global leader in fintech solutions.
Moreover, OneConnect has successfully completed strategic transactions such as the sale of its virtual bank business to Lufax Holding Ltd for HK$933 million, highlighting its dynamic approach to business optimization and capital allocation.
As of the first quarter of 2024, the company has continued to focus on core business areas while expanding its overseas presence. Revenue from third-party overseas customers recorded a 14.8% increase year-over-year, underpinning the company's strategy of targeting high-value products and efficient cost management.
Looking ahead, OneConnect remains committed to advancing its technological capabilities and enhancing its product offerings to meet the evolving needs of financial institutions worldwide. With ongoing investments in research and development, the company aims to continue driving digital transformation across the financial services industry, ensuring sustainable growth and value creation for its shareholders.
OneConnect Financial Technology (NYSE: OCFT, HKEX: 6638) announced the results of its extraordinary general meeting held in Shenzhen on December 18, 2024. Shareholders approved four key agreements extending through December 31, 2027:
1. The 2024 Provision of Products and Services Agreement
2. The 2024 Services and Products Purchasing Agreement
3. The 2024 Financial Services Purchasing Agreement
4. The 2024 Property Leasing Agreement
Each resolution includes authorization for executive directors to execute necessary documents and implement the approved transactions under their respective annual caps.
OneConnect Financial Technology (NYSE: OCFT) reported Q3 2024 financial results showing mixed performance. Revenue from continuing operations decreased 48.3% YoY to RMB417 million, primarily due to a 98.1% decline in cloud services platform revenue. However, overseas business showed strength with third-party overseas customer revenue growing 23.4% YoY in the first three quarters. The company's net loss from continuing operations narrowed to RMB30 million from RMB51 million YoY, with operating expenses decreasing 47.8%. Gross margin declined to 32.7% from 36.6% YoY, while non-IFRS gross margin was 35.6% compared to 40.7% in the prior year.
OneConnect Financial Technology (NYSE: OCFT, HKEX: 6638) announced it will release its Q3 2024 financial results on Thursday, November 14, 2024, before U.S. markets open. The company will host a conference call at 7:00 a.m. U.S. Eastern time (8:00 p.m. Hong Kong time) on the same day. Participants must register online 20 minutes before the call to receive access information. The financial results and transcript will be available on OneConnect's investor relations website at ir.ocft.com and irhk.ocft.com.
OneConnect Financial Technology (NYSE: OCFT, HKEX: 6638) reported Q2 2024 financial results:
- Revenue from continuing operations decreased 26.3% YoY to RMB692 million
- Gross margin of continuing operations was 36.6%, down from 37.5% last year
- Net loss from continuing operations narrowed to RMB17 million from RMB41 million last year
- Net profit from continuing and discontinued operations was RMB243 million, compared to a net loss of RMB82 million last year
- Earnings per ADS from continuing and discontinued operations was RMB6.70, up from a loss of RMB2.25 last year
The company completed the disposal of its virtual banking business for HK$933 million in cash, resulting in a one-time gain. It is focusing on improving profitability through cost control and expanding high-value products and overseas markets.
OneConnect Financial Technology Co., (NYSE: OCFT and HKEX: 6638), a leading technology-as-a-service platform for financial institutions in China, has announced it will release its second quarter 2024 financial results on Friday, August 16, 2024, before U.S. markets open. The company will hold an earnings conference call on the same day at 8:00 a.m. U.S. Eastern time (8:00 p.m. Hong Kong time).
Participants are required to register online at least 20 minutes before the call. Upon registration, they will receive an email with the live webcast link and conference call access information. The financial results and an archived transcript will be available on OneConnect's investor relations website at ir.ocft.com and irhk.ocft.com.
OneConnect Financial Technology Co. (NYSE: OCFT, HKEX: 6638), a leading technology-as-a-service provider for the financial services industry in China, announced the results of its 2024 Annual General Meeting held on May 28, 2024. Shareholders approved the audited consolidated financial statements for the year ending December 31, 2023. Several directors were re-elected including Mr. Chongfeng Shen, Mr. Michael Guo, Ms. Wenjun Wang, Mr. Wing Kin Anthony Chow, and Mr. Koon Wing Ernest Ip. Additionally, PricewaterhouseCoopers was re-appointed as auditor with authorization for the Board to set the auditor's remuneration.
OneConnect Financial Technology (NYSE: OCFT) announced its unaudited financial results for Q1 2024. Revenue from continuing operations fell by 19.1% YoY to RMB723 million, while gross margin improved slightly to 37.7%. Operating loss narrowed by 15.1% to RMB66 million, and net loss attributable to shareholders decreased by 25.9% to RMB54 million. The company highlighted significant cost reductions and efficiency improvements, with a 17.7% decrease in operating expenses. Revenue from third-party overseas customers rose by 14.8% YoY.
The company continues to focus on high-value products and streamline operations, despite uncertainties regarding future utilization of its cloud services by Ping An Insurance subsidiaries. OneConnect aims to enhance product competitiveness and achieve profitability targets through strict cost control and service optimization.
OneConnect Financial Technology Co., will announce its first-quarter 2024 financial results for the three months ended March 31, 2024, on Tuesday, May 21, 2024. The release will be followed by a conference call on the same day at 8:00 a.m. U.S. Eastern time. Participants can register online to join the call. The results and transcript will be available on the company's investor relations website.
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