This is the first fintech Chinese stock to return to Hong Kong via the dual primary listing
OneConnect Financial Technology (OCFT:NYSE), China's insurance conglomerate Ping An's fintech subsidiary, announced that it has successfully listed, by way of introduction its ordinary shares on the main board of the HKSE on July 4 under the stock code “6638”.
The company’s American depositary shares (the “ADSs”) will continue to be primarily listed and traded on the New York Stock Exchange.
"The dual listing on both the NYSE and HKSE is meaningful for OneConnect to further enhance visibility, widen business reach, improve status and capabilities in the capital markets, as well as broaden our investor bases," said Wangchun Ye, Chairman of the Board of Directors and Director of OneConnect.
On its first day of listing, OneConnect closed at HKD 5.4, up 1.89%.
A few Chinese companies have sought a dual primary listing in recent years given the turmoil in the capital markets, or are currently planning to return. In March 2021, 360 DigiTech (QFIN:NASDAQ) announced that it was preparing to list in Hong Kong.
Chongfeng Shen, CEO of OneConnect, summarized the reasons into three keywords, namely, risk avoidance, greater access to investment and management's confidence in this fintech's future.
The domestic competitors include 360 DigiTech (QFIN:NASDAQ), Qudian (QD:NASDAQ), FinVolution (FINV:NYSE) and Lexin (LX:NASDAQ).
As of press time, OneConnect closed at HKD 7.4 apiece, with a market cap of USD 721.49 million.