Softbank-Backed Blockchain Firm OneConnect Eyes $100M Nasdaq IPO
Softbank-backed Chinese fintech OneConnect has filed for an Initial Public Offering (IPO) with the United States Securities and Exchange Commission (SEC).
As Bloomberg reported on Nov. 13, OneConnect is the blockchain- and AI-focused fintech arm of Chinese insurance giant Ping An.
Seeks $100 million and Nasdaq listing
The report claims that the filing seeks to raise $100 million, eyeing listing on the Nasdaq Global Market or New York Stock Exchange, if approved.
Morgan Stanley, Goldman Sachs, JPMorgan Chase and Ping An Securities Group Holdings are leading the offering.
OneConnect had previously sought a Hong Kong IPO with a target of raising $1 billion at a valuation of $8 billion, as reported by Bloomberg in February.
According to data from Crunchbase, OneConnect has to date raised $650 million in Series A Early Stage Venture funding, at a pre-money valuation of $6.8 billion.
According to earlier reports, OneConnect had provided services to over 200 banks, 200,000 enterprises and 500 banks as of September this year.
The company launched its blockchain platform in 2018, with solutions focused on finance, real estate, automobile, medical treatment and smart city infrastructure.
OneConnect claims its blockchain technology can handle up to 50,000 transactions per second with a latency of less than 0.5 seconds and also implements zero-knowledge proof technology.
OneConnect’s technology has been used to develop the major blockchain-based trade finance platform eTradeConnect in partnership with the Hong Kong Monetary Authority.
According to Bloomberg, OneConnect’s IPO filing reveals a reported net loss of $147 million on revenue of $218 million during the nine months ended Sept. 30, as compared with an $82 million net loss on revenue of $128 million for the same period last year
The IPO scramble
As reported yesterday, Chinese Bitcoin (BTC) mining giant Canaan Creative has just announced the terms for its U.S. IPO, with plans to raise $100 million by offering 10 million American depositary shares at a price range from $9 to $11.
This would prospectively put the company’s overall market value at some $1.6 billion, with an enterprise value of $1.4 billion.
Mining titan Bitmain, which enjoys a 75% market share of the crypto hardware market worldwide, had — like Canaan and OneConnect — initially tried to complete an IPO in Hong Kong, but met with failure. It has now also launched a bid to go public in the U.S.