Oneconnect Financial Technology Co Ltd - OCFT STOCK NEWS

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.

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.