Ping An Insurance (Group) Co., China’s largest insurer by market value, is starting preparations for an initial public offering of its OneConnect financial management portal that could raise as much as $3 billion, people with knowledge of the matter said.
The Ping An unit picked banks including Goldman Sachs Group Inc., JPMorgan Chase & Co. and CCB International Holdings Ltd. to work on the planned Hong Kong share sale, according to the people. The company is targeting a listing as soon as September, the people said, asking not to be identified because the information is private.
OneConnect raised $650 million in a series A financing round earlier this year, according to Ping An’s 2017 annual report released earlier this month. The fundraising valued the company at $7.4 billion, the report shows.
Representatives for Goldman Sachs and JPMorgan declined to comment, while a representative for CCB International couldn’t immediately comment. OneConnect doesn’t have any information to provide on the matter, it said in a written reply to Bloomberg queries.
OneConnect provides cloud computing and other technology services to small- and medium-sized financial institutions in China. The company’s partners include 468 banks, as well as 1,890 other firms including insurers, brokerages, fund managers and private-equity investors, the report shows.