OneConnect, the Fintech and blockchain subsidiary of Ping An Insurance Group, the largest insurance firm in China by market value, is planning a $1 billion Initial Public Offering (IPO) in Q4 2019 in New York, according to a report by Reuters.
Ping An changed the listing venue to New York from Hong Kong a few months ago hoping to garner a higher valuation and raise $1 billion.
OneConnect, founded in 2015, has received funding from leading organizations including Japan’s SoftBank Corp. So far, Ping An’s blockchain subsidiary has raised $650 million in funding from different investors and continues to serve 200 banks and 200,000 enterprises according to Chinese media.
Aside from their fintech solutions, they offer blockchain infrastructure for enterprises and hold a virtual banking license from the Hong Kong Monetary Authority (HKMA). In partnership with HKMA, OneConnect developed a blockchain-based trading platform called eTradeConnect.
OneConnect is not the only blockchain firm that has shifted its IPO plans from Hong Kong to the United States. In mid Q2 2019, sources suggested that BitMain, in their second shot of going public, will try to raise funds in New York before the year’s end.