SoftBank’s China strategy wobbles as key bets disappoint [Reuters]
OneConnect Financial Technology Co., Ltd. American Depositary Shares, each representing thirty ordinary shares (OCFT)
Company Research
Source: Reuters
SoftBank’s China strategy wobbles as key bets disappoint HONG KONG/BEIJING (Reuters) - For SoftBank Group Inc, financial technology firm OneConnect’s IPO should have been a vindication of an aggressive China investing strategy. Instead, embarrassed bankers had to slash the offering size and cut its price as investors baulked at a business model seen too reliant on majority owner Ping An Insurance. The IPO valued OneConnect at $3.7 billion, about half its worth last year when SoftBank’s Vision Fund invested $100 million, and its stock was down slightly in its debut on Friday. OneConnect Financial Technology is just one of many China bets placed by the Japanese investment giant or its massive Vision fund which have run into trouble. That’s added to global woes for SoftBank CEO Masayoshi Son, under fire for bad judgement and insufficient due diligence, exemplified by U.S. office-space startup WeWork’s disastrous IPO attempt and subsequent bailout. In ZhongAn Online P&C Insurance Co Ltd’s
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News
- OneConnect Files Annual Report on Form 20-FPR Newswire
- OneConnect Financial Technology Co., Ltd. (NYSE:OCFT) Q4 2023 Earnings Call Transcript [Yahoo! Finance]Yahoo! Finance
- OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) had its price target raised by analysts at Citigroup Inc. from $6.98 to $7.00. They now have a "buy" rating on the stock.MarketBeat
- OneConnect Announces Fourth Quarter and Full Year Unaudited Financial Results [Yahoo! Finance]Yahoo! Finance
- OneConnect Announces Fourth Quarter and Full Year Unaudited Financial ResultsPR Newswire
OCFT
Sec Filings
- 4/23/24 - Form 6-K
- 4/23/24 - Form 6-K
- 4/23/24 - Form 6-K
- OCFT's page on the SEC website