Softbank-Backed Blockchain Firm OneConnect Eyes $100M Nasdaq IPO

Published at: Nov. 14, 2019

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.

Tags
Blockchain
United States
Sec
Hong Kong
China
Ipo
Ai
Related Posts
Bitmain Shifting IPO Plans to the US on Growing Bitcoin Optimism
Chinese cryptocurrency mining giant Bitmain is revisiting plans for an initial public offering (IPO,) Bloomberg reported on June 21. The company had filed to list an IPO on the Hong Kong Stock Exchange, but the application expired on March 26. Now, Bitmain is reportedly planning to file listing documents with the United States Security and Exchange Commission, potentially paving the way for a share sale to take place later this year. While the company was hoping to raise $3 billion from its planned Hong Kong IPO, the Bloomberg report suggested that this fundraising target will be reduced to between $300 …
Bitcoin / June 21, 2019
Bitmain Investors Could File a Class Action Lawsuit Against Company, Says Critic
A critic of cryptocurrency mining giant Bitmain, BTCKING555, said that a group investors are preparing a class action lawsuit against the company in a tweet on March 26. BTCKING555 said in the post that a number of Bitmain’s investors are going to file a class action lawsuit against the company in Hong Kong, seeking to recover their investments after the expiration of Bitmain’s initial public offering (IPO) bid. The post reads: “...already in august I warned many investors and prevented them from investing. Those that did not listen, good luck recovering your moneys. I hear there is class action in …
Blockchain / March 27, 2019
Cornered by Bear Market, Bitmain Is Facing an Unclear Future
This article was updated on Jan. 14 to include recent developments. On Jan. 10, news emerged that Chinese Bitcoin mining giant Bitmain’s co-founders, Jihan Wu and Micree Zhan Ketuan, will step down as co-CEOs of the company. The move follows a streak of reports suggesting that Bitmain has been facing mass layoffs, class action lawsuits and difficulties related to its initial public offering (IPO) during the last quarter of 2018. So what exactly is happening with one of the world’s most influential crypto outfits? Brief introduction to Bitmain, the world’s most powerful crypto mining giant Bitmain was founded in 2013 …
Blockchain / Jan. 13, 2019
Crypto IPO Season: Race to Secure an Offering Heats Up
The buildup to the 2017 peak in cryptocurrency prices intoxicated business owners and investors around the world. The momentum was so great that new businesses popped up every second of the day, all hoping to cash in on the first great crypto gold rush. As 2018 rolled round, the long crypto winter soon froze out the hopes of many. Although the long trough proved too much for some, when prices rose again, the landscape looked very different. Initial coin offerings had largely been declared irrelevant and stablecoins from massive international companies gradually came to dominate a once-diverse industry. As 2019 …
United States / Nov. 15, 2019
Bitmain's New IPO Attempt in Jeopardy as In-Fighting Goes Public
In 2017, Bitmain ruled the roost and all eyes were on China, but 2018 was a barren year for cryptocurrency. Prices plummeted. Companies crumpled. The long-awaited initial public offerings of two crypto mining titans, Bitmain and Canaan Creative, failed at the final hurdle as the crypto winter humbled even the most ambitious crypto companies. But not for long. After biding their time in the shadows, following months of rumors and tumultuous events, the two hardware behemoths are filing to go public in the United States. Bitmain bites back Founded only six years ago by Jihan Wu and Micree Zhan, Bitmain …
United States / Nov. 2, 2019