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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.
OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) held its annual general meeting on April 8, 2022, in Shenzhen, China. Shareholders approved significant resolutions, including the amendment and restatement of the Company’s articles of association in preparation for its listing on the Stock Exchange of Hong Kong. Additionally, a general mandate was granted for the issuance of new shares, allowing for a maximum of 20% of issued shares post-listing, and a repurchase mandate for up to 10% of shares. The Company aims to support financial institutions' digital transformations through technology solutions.
OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) announced the submission of its annual report on Form 20-F for the fiscal year ending December 31, 2022, to the SEC on March 31, 2022. The report includes audited financial statements, available on the SEC’s website and the Company’s investor relations site. OneConnect provides technology-as-a-service for financial institutions, facilitating their digital transformation through various solutions. Shareholders can request a hard copy of the annual report free of charge.
OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) announced that Ping An Overseas, a subsidiary of Ping An Group, has acquired 5,344,635 American depositary shares (ADSs) on the open market. This purchase reflects Ping An's confidence in OneConnect's value, as stated by Chairman Wangchun Ye. Additionally, Bo Yu Limited, another Ping An subsidiary, plans to buy more ADSs as market conditions allow. OneConnect focuses on technology solutions for financial institutions, aiming to bolster digital transformations and operational efficiency.
OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) has scheduled its annual general meeting for April 8, 2022, at the Ping An Financial Center in Shenzhen, China. Shareholders will vote on five key proposals, including amendments related to its upcoming listing on the Hong Kong Stock Exchange. These amendments involve adjusting the company's articles of association, granting share issuance and repurchase mandates, and authorizing directors to execute necessary actions. The record date for voting eligibility is set for March 7, 2022.
OneConnect Financial Technology reported a strong financial performance for the full year 2021, with revenue up 25% to RMB4,132 million, driven by increases in risk management and cloud services. The net loss narrowed to RMB1,282 million, compared to RMB1,354 million in 2020, with the net loss per ADS also improving to RMB3.47 from RMB3.81. The company experienced a gross margin decline to 35%, down from 38% year-over-year, but operating loss narrowed, indicating improved cost management. Premium customer growth and a net expansion rate of 96% reflect positive market recognition.
OneConnect Financial Technology has announced a share repurchase program allowing for the buyback of up to 2% of its outstanding American depositary shares (ADSs) from February 24, 2022, to September 30, 2022. The board believes the ADSs are undervalued, underlining confidence in the company's fundamentals and long-term strategies. Funding will be sourced from existing cash balances. The program's execution will adhere to U.S. regulatory guidelines and may be adjusted based on market conditions.
OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) will announce its Fourth Quarter and Full Year 2021 financial results on February 24, 2022, after U.S. markets close. This will be followed by a conference call at 8:00 p.m. ET. Investors can register for the call to receive access details. The company's investor relations website will host the financial results and a transcript post-event. OneConnect specializes in technology-as-a-service solutions for financial institutions, serving over 100 clients across 20 countries as of June 30, 2021.
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