Chinese insurance giant Ping An’s blockchain unit eyes US IPO in mid-November - Report


OneConnect, the blockchain and fintech arm of China’s biggest insurer by market value Ping An, could launch an initial public offering (IPO) in New York in mid-November this year.

Reuters reported the news on Friday, citing a person with “direct knowledge of the matter." OneConnect was earlier looking to launch the IPO as early as this month.

In June, there were reports that Ping An has changed its IPO location to New York from Hong Kong in the hope of achieving a higher valuation. At the time, OneConnect was looking to raise $1 billion via the IPO at a valuation of about $8 billion.

OneConnect sells technology services, including blockchain infrastructure. For instance, it helped the Hong Kong Monetary Authority (HKMA), the region's de facto central bank, build a blockchain trade finance platform called eTradeConnect.

Earlier this year, OneConnect also received a virtual banking license by the HKMA to operate in Hong Kong.

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

SEC said to allow first bitcoin futures ETF to trade in US: report

The U.S. Securities and Exchange Commission is said to be allowing the first Bitcoin futures exchange-traded fund (ETF), per a Bloomberg report. The publication said in a report on Thursday night that the U.S. regulator “isn’t likely to block the products from starting to trade next week,” citing people familiar with the matter. The report […]
Read Full Story
Oct 15, 2021, 2:54AM UTC