OneConnect, the Chinese AI and blockchain technology startup, has
filed for a $100 million U.S. IPO of American Depositary Shares. The funding amount is significantly lower than the $1 billion rumored by
Reuters in May.
The firm is a spin-off from China’s second-largest insurer, Ping An. The startup had revenues of $198 million in 2018, rising to $218 million in the first three quarters of 2019. However, it made losses of $111 million and $126 million respectively.
Last year
OneConnect was valued at $7.5 billion after a Series A investment round that raised $650 million including from the likes of Japan’s SoftBank and SBI Holdings.
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