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) 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.
OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) has been recognized on the Forbes Blockchain 50 list for 2022, marking its second consecutive year on this prestigious list. The company is noted for its innovative blockchain solutions aimed at enhancing trade and financing. Key achievements include a financing platform for SMEs in Guangdong, which has facilitated over 1 million businesses with a financing volume surpassing 68 billion yuan (approx. US$10.7 billion). Additionally, OneConnect's collaboration on blockchain projects like Hong Kong's eTradeConnect demonstrates significant contributions to trade finance efficiency.
OneConnect Financial Technology Co. has received the prestigious 2021 Wu Wenjun AI Science and Technology Progress Award for its AI Open Innovation Platform for Inclusive Finance. This accolade highlights OneConnect's role as a leader in AI innovation within China's financial services sector. Launched in 2019, the platform aims to enhance financial service efficiency and accessibility through advanced technologies. The company has also made significant strides in R&D, submitting 5,652 global patent applications as of December 31, 2021, strengthening its competitive edge in the market.
On January 9, 2022, OneConnect Financial Technology (NYSE: OCFT) announced a strategic partnership with Chengfang Financial Technology, a unit of the People’s Bank of China. The collaboration aims to tackle financial industry challenges through innovations in AI, cloud computing, and big data. The partners will enhance data processing, governance, and privacy technology in banking systems. This alliance strengthens OneConnect's role in China's digital banking landscape and supports its mission to advance financial services. Future projects will also explore privacy computing technologies, fostering growth in digital finance.
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