OneConnect Financial Technology Co., Ltd. (OCFT)

OneConnect Financial Technology Co., Ltd. was a provider of cloud-based technology and services to financial institutions in China. It was founded in 2015 within the Ping An Insurance Group ecosystem and was headquartered in Shenzhen. The company grew out of technology that Ping An had built to digitize its own banking, insurance and asset management businesses, which it then offered to external customers such as banks and insurers.

OneConnect's offerings included digital retail banking and digital commercial banking solutions, digital insurance, and artificial-intelligence-based customer service. It operated the Gamma core banking system and a financial cloud platform with technology components that institutions could integrate. It also provided risk management, operations and accounting support, regulatory technology products for supervisors, blockchain-based services, and consulting and asset-management-related services.

The company completed its initial public offering of American depositary shares on the New York Stock Exchange in December 2019 under the symbol OCFT. It later added a listing of its ordinary shares on the Hong Kong Stock Exchange under the stock code 6638. Ping An and its affiliates remained its controlling shareholders, and a significant share of its revenue came from Ping An group companies and from large Chinese financial institutions.

The company reported large net losses for much of its public life and the market price of its ADSs fell far below the IPO price. Pressure from lower trading prices, the economics of its dual listing, and the strategic case for closer integration with the Ping An group led to a proposal to take OneConnect private.

In 2025 OneConnect announced a privatization transaction in which a Ping An subsidiary would acquire the shares it did not already own through a scheme of arrangement, after which the company would become an indirect wholly owned subsidiary of Ping An Insurance (Group) Company of China, Ltd. Shareholders were to vote at a court meeting and an extraordinary general meeting on October 28, 2025, with the scheme still subject to court sanction in November 2025.

The company announced that, if the scheme was approved, its ADSs would last trade on the NYSE on October 29, 2025 and trading would be halted from October 30, with the ordinary shares last trading in Hong Kong on October 30. The privatization became effective in November 2025, and a Form 25 was filed with the SEC on November 21, 2025 to remove the ADSs and the underlying shares from listing and registration. OneConnect continues as a privately held subsidiary of Ping An.