OneConnect Files Annual Report on Form 20-F

Rhea-AI Summary

OneConnect Financial Technology Co., announced the filing of its annual report on Form 20-F for the fiscal year ended December 31, 2023, with the SEC. The report includes audited financial statements and is available on the SEC's website and the company's investor relations website.

Insights

Financial Analyst

Reviewing the annual report on Form 20-F filed by OneConnect provides critical insights into the company's financial health and operational performance. The consolidated financial statements within this report are essential for evaluating the firm's year-over-year growth patterns, profit margins and cost management strategies. An examination of revenue streams and expense accounts can illuminate the efficiency of OneConnect's technology-as-a-service model, particularly in the backdrop of China's evolving regulatory environment for fintech companies. Monitoring trends in these areas may indicate the company's capacity for sustainable growth and its competitive standing in the industry.

Additionally, scrutinizing the report's disclosures on risk factors, management discussion and analysis section (MD&A) and any forward-looking statements can grant investors foresight into potential challenges and strategic initiatives. This level of detail can inform investment decisions by contrasting OneConnect's performance against industry benchmarks and anticipating the impact of market dynamics on its future prospects.

Tech Industry Analyst

The fintech sector, particularly in China, is a rapidly evolving landscape marked by innovation and regulatory changes. For investors, understanding the nuanced operational intricacies of a technology-as-a-service provider like OneConnect is vital. Analyzing the company's technology development initiatives, customer acquisition rates and service diversification as outlined in the annual report could provide a window into the company's adaptability to emerging tech trends and customer demands.

The integration of AI, blockchain and cloud computing in financial services and how OneConnect is positioning itself within these domains, may serve as significant indicators of the company's future growth trajectory. Close attention to the company's capital expenditures on research and development, as well as partnerships and expansion plans, could reveal its potential to capture new market opportunities and its readiness to tackle the competitive pressures from both domestic and international players.

SHENZHEN, China, April 23, 2024 /PRNewswire/ -- OneConnect Financial Technology Co., Ltd. ("OneConnect" or the "Company") (NYSE: OCFT and HKEX: 6638), a leading technology-as-a-service provider for financial institutions in China, today announced it filed its annual report on Form 20-F for the fiscal year ended December 31, 2023 with the Securities and Exchange Commission (the "SEC") on April 23, 2024 U.S. Eastern Time.

The annual report on Form 20-F, which contains the Company's audited consolidated financial statements, can be accessed on the SEC's website at http://www.sec.gov as well as through the Company's investor relations website at http://ir.ocft.com.

The Company will provide a hard copy of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request. Requests should be directed to OCFT_IR@ocft.com.

About OneConnect

OneConnect Financial Technology Co., Ltd. is a technology-as-a-service provider for financial services industry. The Company integrates extensive financial services industry expertise with market-leading technology to provide technology applications and technology-enabled business services to financial institutions. The integrated solutions and platform the Company provides include digital banking solution, digital insurance solution and Gamma Platform, which is a technology infrastructural platform for financial institutions. The Company's solutions enable its customers' digital transformations, which help them improve efficiency, enhance service quality, and reduce costs and risks.

The Company has established long-term cooperation relationships with financial institutions to address their needs of digital transformation. The Company has also expanded its services to other participants in the value chain to support the digital transformation of financial services eco-system. In addition, the Company has successfully exported its technology solutions to overseas financial institutions.

For more information, please visit ir.ocft.com.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's limited operating history in the technology-as-a-service for financial institutions industry; its ability to achieve or sustain profitability; the tightening of laws, regulations or standards in the financial services industry; the Company's ability to comply with the evolving regulatory requirements in the PRC and other jurisdictions where it operates; its ability to comply with existing or future laws and regulations related to data protection or data security; its ability to maintain and enlarge the customer base or strengthen customer engagement; its ability to maintain its relationship with Ping An Group, which is its strategic partner, most important customer and largest supplier; its ability to compete effectively to serve China's financial institutions; the effectiveness of its technologies, its ability to maintain and improve technology infrastructure and security measures; its ability to protect its intellectual property and proprietary rights; its ability to maintain or expand relationship with its business partners and the failure of its partners to perform in accordance with expectations; its ability to protect or promote its brand and reputation; its ability to timely implement and deploy its solutions; its ability to obtain additional capital when desired; litigation and negative publicity surrounding China-based companies listed in the U.S.; disruptions in the financial markets and business and economic conditions; the Company's ability to pursue and achieve optimal results from acquisition or expansion opportunities; the duration of the COVID-19 outbreak, lagging effect of businesses' recovery and its potential impact on the Company's business and financial performance; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.

Contacts

Investor Relations:

OCFT IR Team
OCFT_IR@ocft.com

Media Relations:

Frank Fu
pub_jryztppxcb@pingan.com.cn 

 

View original content:https://www.prnewswire.com/news-releases/oneconnect-files-annual-report-on-form-20-f-302124519.html

SOURCE OneConnect Financial Technology Co., Ltd.

FAQ

When did OneConnect file its annual report on Form 20-F?

OneConnect filed its annual report on Form 20-F for the fiscal year ended December 31, 2023, with the SEC on April 23, 2024.

Where can the annual report on Form 20-F be accessed?

The annual report on Form 20-F can be accessed on the SEC's website at http://www.sec.gov and the company's investor relations website at http://ir.ocft.com.

How can shareholders and ADS holders obtain a hard copy of the annual report?

Shareholders and ADS holders can request a hard copy of the annual report containing audited financial statements free of charge by emailing OCFT_IR@ocft.com.