Ping An Insurance’s OneConnect downsizes planned IPO by 28%


Ping An Insurance’s OneConnect downsizes planned IPO by 28%

OneConnect Financial Technology, a unit of China’s biggest insurer Ping An Insurance, downsized its upcoming IPO in the U.S. by 28%.

The firm set a price range of $9 to $10 per share, down from the previous $12 to $14 per share range. It also downsized the offering from 36 million American depositary shares (ADSs) to 26 million ADSs.

The price range values the firm at about $3.64 billion which was well below its $7.5 billion valuation it reached last year. The news deals yet another blow to one of its main investors, Japan’s Softbank which reported a massive loss of $6.5 billion in the third quarter this year.

It was its first quarterly loss in 14 years, as it had taken a nearly $4.6 billion hit from its investment in WeWork, according to the earnings report.

 “In the case of WeWork, I made a mistake,” chief executive of SoftBank Group Masayoshi Sontold investors at a news conference in Tokyo in November. “I won’t make any excuses. It was a very harsh lesson.”

The information and recommendations contained in this analytical document are published strictly for information purposes and are not considered as an offer to buy or sell the trading tools mentioned above and are not intended to motivate to perform certain transactions
Something went wrong