Chinese insurer Ping An’s fintech arm OneConnect files for US IPO

The Ping An Insurance Group Co. logo is displayed atop the Ping An International Financial Center (IFC) in Beijing, China, on Wednesday, Aug. 9 2017. Photographer: Qilai Shen/Bloomberg

OneConnect Financial Technology, the fintech unit of China’s largest insurer Ping An Insurance, announced on Wednesday that it has filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission.

The company is set to raise $100 million – a placeholder likely to change – by floating shares on the New York Stock Exchange or Nasdaq Global Market. The company is yet to decide the price range for the proposed offering and the number of American Depositary Shares (ADSs) and ordinary shares to be offered.

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