OneConnect’s US-listed IPO flew under our radar last week, which won’t do. The company’s public offering is both interesting and important, so let’s take a few minutes this morning to understand what we missed and why we care.
The now-public company sells financial technology that banks in China and select foreign countries can use to bring their services into the modern era. OneConnect charges mostly for usage of its products, driving over three-quarters of its revenue from transactions, including API calls.
After pricing its shares at $10 apiece, the SoftBank Vision Fund-backed company wrapped last week worth the same: $10 per share.
One one hand, OneConnect is merely another China-based IPO listing domestically here in the United States, making it merely one member of a