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 Co., Ltd. (NYSE: OCFT) reported a 17.2% increase in revenue for Q2 2022, reaching RMB 1,134 million, compared to RMB 968 million in the prior year. The company improved its adjusted net profit margin by 17.3 percentage points year-over-year, reaching -18.8%. Operating loss narrowed to RMB 278 million from RMB 395 million, while net loss attributable to shareholders decreased to RMB 245 million from RMB 349 million. The board authorized a share repurchase program, having repurchased approximately 2.1% of total shares as of June 30, 2022.
OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) will release its financial results for Q2 and the first half of 2022 on August 17, 2022, before U.S. markets open. The conference call is scheduled for 8:00 a.m. Eastern Time the same day. Investors can join via a live webcast or by phone. The financial results will be accessible on the company’s investor relations website shortly after the call. The upcoming earnings report is highly anticipated and could provide insights into the company’s performance amid ongoing market conditions.
OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) has successfully listed its ordinary shares on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code '6638'. The shares will trade in board lots of 500. The American depositary shares, each representing three shares, remain listed on the NYSE. The depositary facility for the ADSs is expected to close for deposits of shares but will reopen on November 14, 2022. The shares are not registered under U.S. Securities Act and can be offered only in exempt transactions.
OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) has announced a proposed dual primary listing of its ordinary shares on the Main Board of The Stock Exchange of Hong Kong Limited (SEHK). The company received in-principle approval from the SEHK on June 28, 2022, with trading expected to commence on July 4, 2022, under stock code '6638'. The company will maintain its primary listing on the New York Stock Exchange. The shares have not been registered under U.S. securities laws, and their offering is subject to specific exemptions.
OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) announced its intention to convert American depositary shares (ADSs) to ordinary shares in connection with a Proposed Listing on the Hong Kong Stock Exchange (SEHK). The application for the dual primary listing, filed on February 28, 2022, is pending approval. If granted, the conversion will include batch-conversion exercises for ADS holders, subject to specified conditions and a Conversion Cap of 5.5% of the company's total issued share capital. There is no assurance of receiving necessary approvals for the Proposed Listing.
OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) announced an upsized share repurchase program, allowing purchases of up to 3% of outstanding ordinary shares before September 30, 2022. This decision reflects the company's confidence in long-term growth and valuation. Funding will come from existing cash reserves, with repurchases conducted via open market transactions or privately negotiated deals. The board will periodically review the program’s terms and size.
OneConnect Financial Technology (NYSE: OCFT) reported a 24.3% revenue increase year-over-year, reaching RMB1,019 million for Q1 2022. Despite this growth, the operating loss widened slightly to RMB355 million, resulting in a net loss of RMB318 million. The adjusted net loss ratio improved by 9.6 percentage points to 27.6%. Revenue drivers included a 63.9% rise in cloud service revenue. The company's focus on premium-plus customers led to a 16% increase in their numbers, despite ongoing economic uncertainties.
OneConnect Financial Technology (NYSE: OCFT) announced it will release its First Quarter 2022 financial results after U.S. markets close on May 25, 2022. A conference call will follow the announcement at 9:00 p.m. ET. Investors can register online for the call and access financial results through the company's investor relations website. OneConnect provides technology solutions to financial institutions, aiding their digital transformation and operational efficiency.
OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) disclosed that it was identified by the SEC under the Holding Foreign Companies Accountable Act (HFCAA) on April 12, 2022, due to the inability of the PCAOB to inspect its auditor's working papers for the fiscal year ended December 31, 2021. This identification poses a risk of delisting from U.S. stock exchanges after three consecutive years of such identification.
The company is pursuing solutions to protect its stakeholders, including a dual primary listing application to the Hong Kong Stock Exchange submitted on February 28, 2022.
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