OneConnect, the financial technology arm of China’s largest insurance company, has picked the US over Hong Kong to launch its long-awaited initial public offering.
Bankers were estimating the company, which is also backed by SoftBank, could raise up to $2bn in a potential Hong Kong listing, according to a Financial Times report last year.
The Ping An Insurance affiliate listed its offering size as $100m, a figure described by one banker involved as a place holder amount that was likely to change. SoftBank led a funding round valuing OneConnect at $7.5bn last year, according to Ping An’s 2018 annual report.
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