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.
On April 4, 2023, OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) held an extraordinary general meeting in Shenzhen, where shareholders approved the equity transfer agreement allowing Shanghai OneConnect to sell its 40% equity interest in Ping An Puhui Lixin Asset Management Co., Ltd. to Puhui Management for RMB199,200,000. This agreement, dated November 24, 2022, is seen as a strategic move to optimize the company's asset management operations. OneConnect continues to provide technology solutions to financial institutions, aiding their digital transformation and improving operational efficiencies.
OneConnect Financial Technology Co. has announced a strategic collaboration with Old Mutual to enhance digital transformation in the life insurance sector. This partnership aims to leverage OneConnect's technology and local expertise to support Old Mutual's customer-centric digital strategy. Old Mutual, a major Pan-African financial services provider, seeks to integrate digitalization in its operations effectively. OneConnect's Omni-channel Agent Solution will empower agents through AI-driven tools for improved efficiency in recruitment and customer management. Both companies will work towards creating transformative solutions for the South African market.
OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) announced its unaudited financial results for Q4 and full year 2022. Revenue from third-party customers rose 6.7% year-over-year to RMB442 million, while total revenue decreased 3.0% to RMB1,242 million. The company reported a net loss of RMB177 million, an improvement from RMB358 million in the prior year, with a net profit margin of -14.3% compared to -28.0% a year prior. Full-year revenue increased 8.0% to RMB4,464 million. The gross margin improved to 40.3% from 35.2%. The company’s ongoing efforts in product innovation and efficiency have shown promising trends, particularly in their virtual banking and cloud services segments.
OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) will release its quarterly and annual financial results for the period ending December 31, 2022, before U.S. markets open on March 13, 2023. This announcement is part of its commitment to transparency and communication with investors. A conference call is scheduled on the same day at 8:00 a.m. U.S. Eastern Time, where management will discuss the results and answer questions. Participants must register online to join the call. The company will also provide an archived transcript of the financial results on its investor relations website.
OneConnect Financial Technology, a provider of technology-as-a-service to financial institutions in China, announced a change in the ADS ratio effective December 12, 2022. The new ratio will be one ADS representing thirty ordinary shares, equivalent to a one-for-ten reverse ADS split. Existing ADS holders will need to exchange their ADSs for new ones, with no fractional ADSs issued. While a proportional increase in ADS price is expected, the company cannot guarantee that the new price will be ten times the previous price.
OneConnect Financial Technology reported third quarter 2022 results, with revenue rising 0.4% to RMB1,069 million. The net loss attributable to shareholders improved to RMB133 million from RMB270 million year-over-year, resulting in a net profit margin of -12.4%. Gross margin slightly decreased to 35.1%. The company noted stable revenue despite macro challenges, with growth in AI customer service and international markets like Hong Kong and UAE. However, transaction-based product revenue declined due to pandemic restrictions. Operating expenses reduced, improving operational efficiency.
OneConnect Financial Technology Co. Ltd. (NYSE: OCFT) has received a notification from the NYSE regarding its non-compliance with listing standards due to its American depositary shares (ADSs) trading below $1.00 over the last 30 trading days. The Company has a six-month 'Cure Period' to meet the minimum share price requirement. The notification does not affect its operations, SEC reporting, or contractual obligations. OneConnect plans to take measures to regain compliance, including potentially adjusting the ADS ratio.
OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) announced it will release its unaudited financial results for Q3 2022 and nine months ended September 30, 2022, on November 10, 2022, before U.S. markets open. A conference call will follow at 7:00 a.m. ET (8:00 p.m. HK time), allowing participants to engage with management. Interested participants must register online at least 20 minutes prior to the call. Financial results and transcripts will be available on the investor relations website.
OneConnect Financial Technology unveiled OneConnect Smart Technology (ME) Limited in Abu Dhabi, UAE, on October 10, 2022. The company aims to enhance financial services for SMEs by developing the ADGM SME Financing Platform, an integrated digital finance marketplace. This platform will improve access to financing, streamline operations with digital tools, and connect SMEs with lenders and data sources. The partnership with ADGM signifies a commitment to transform the financing landscape in the MENA region, following previous initiatives like the Digital Lab launched in 2021.
OneConnect Financial Technology Co., Ltd (Stock Code: 6638.HK) announced its collaboration with the Abu Dhabi Global Market (ADGM) to develop a digital SME Financing Platform aimed at enhancing financial services for small and medium enterprises (SMEs) in the UAE. This platform will streamline access to a variety of financing options, improve operational efficiency, and support greater financial inclusion. Utilizing digital tools like e-contracts, SMEs will benefit from a simplified loan application process, thus fostering a more effective and transparent financing landscape in the MENA region.
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