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.

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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.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.