OneConnect, the financial technology arm of China’s biggest insurance company, has cut its expected valuation by about half before a planned stock market debut in the US, in another blow for Softbank’s giant Vision Fund.
The company, part of Shenzhen-based Ping An, said in a stock exchange filing on Thursday that at the top end of an indicated range it would seek to raise $299m at a valuation of $3.6bn.
OneConnect, which sells technology platforms to financial companies, raised $650m at a $7.5bn valuation last year, according to filings by Ping An. Bankers at one time thought OneConnect could raise as much as $2bn in a public listing that was initially earmarked to take place in Hong Kong, but is now set for New York.
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