Insurance firm Ping An is preparing for an IPO of OneConnect, its financial management portal unit, which it could see valued at roughly $8bn. The insurer will look to list OneConnect in Hong Kong in the second half of 2019, which could see share sales raise close to $1bn, according to unnamed sources. In a note on Monday, Morgan Stanley analysts said that they expect the company to be listed by mid-2019. It has partnered with more than 460 banks and 1,800 financial service firms, including insurers, brokerages, fund managers and private equity houses, according to Ping An’s 2017 annual report.
Insurance firm Ping An is preparing for an IPO of OneConnect, its financial management portal unit, which it could see valued at roughly $8bn. The insurer will look to list OneConnect in Hong Kong in the second half of 2019, which could see share sales raise close to $1bn, according to unnamed sources. OneConnect provides cloud computing and various other tech services to small- and medium-sized financial service institutions. It has partnered with more than 460 banks and 1,800 financial service firms, including insurers, brokerages, fund managers and private equity houses, according to Ping An’s 2017 annual report.