OneConnect considers privatization and delisting

OneConnect Financial Technology Co., Ltd. (NYSE:OCFT), a leading technology-as-a-service platform for financial institutions, has announced a pre-conditional proposal for privatization by way of a scheme of arrangement under Section 86 of The Companies Act. The announcement, filed today with the Securities and Exchange Commission, also includes the company’s intent to withdraw its listing on the Stock Exchange of Hong Kong.

The document, which constitutes the company’s report for May 2025, reveals the establishment of an Independent (LON:IOG) Board Committee to evaluate the proposal. The committee will provide guidance to OneConnect’s shareholders, who will ultimately decide the outcome of the privatization and delisting process. The company has confirmed that it files annual reports under Form 20-F, indicating its compliance with the reporting standards set by the U.S. SEC for foreign private issuers.

OneConnect, headquartered in Shenzhen, Guangdong, is known for its comprehensive suite of technology solutions that address the evolving needs of the financial services industry. The privatization proposal suggests a significant shift in the company’s strategic direction and ownership structure.

The announcement is detailed in Exhibit 99.1 of the company’s 6-K filing and follows the requirements of the Securities Exchange Act of 1934. Dangyang Chen, Chairman of the Board and Chief Executive Officer of OneConnect, has signed the report, signifying the company’s commitment to transparency and proper governance as it navigates through this potential transition.

Shareholders and interested parties are advised to follow the developments closely as the Independent Board Committee reviews the proposal and provides its recommendations. The move to privatize and delist from the Hong Kong Stock Exchange could have important implications for the company’s future operations and investor relations.

The information in this article is based on the press release statement filed with the SEC.

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