OneConnect to halt NYSE trading of ADSs on October 30 amid privatization plan

OneConnect Financial Technology Co., Ltd. (NYSE:OCFT), currently valued at $21.48 billion, announced Monday that it expects trading of its American depositary shares (ADSs) on the New York Stock Exchange to be halted before market open on October 30. The company, which has seen its shares surge over 51% in the past six months, stated that the trading halt is related to a proposed privatization plan under which OneConnect would become an indirect wholly owned subsidiary of Ping An Insurance (Group) Company of China, Ltd.

According to a press release statement, OneConnect, Bo Yu Limited, and Ping An Group jointly filed Amendment No. 3 to the Rule 13e-3 Transaction Statement on Schedule 13E-3 with the U.S. Securities and Exchange Commission on September 23. The filing details a scheme of arrangement under Cayman Islands law that would facilitate the privatization. InvestingPro data shows the company maintains strong liquidity with a current ratio of 5.02 and operates with moderate leverage, sporting a debt-to-equity ratio of 0.46.

The company will hold a Court Meeting and an Extraordinary General Meeting on October 28 in Hong Kong to seek shareholder approval for the scheme. OneConnect expects to announce the results of these meetings on the same day.

If the scheme is approved at both meetings, the NYSE will halt trading of OneConnect’s ADSs before the market opens on October 30, in coordination with the last day of trading of the company’s ordinary shares on the Hong Kong Stock Exchange, also on October 30. Should the scheme be sanctioned by the Cayman court and become effective in November, trading of the ADSs on the NYSE will not resume, making October 29 the last trading day for the ADSs.

Investors are directed to the Schedule 13E-3 filing for further details. This information is based on a press release statement and a filing with the U.S. Securities and Exchange Commission.

In other recent news, Ascendis Pharma has increased its share capital following the exercise of outstanding warrants, resulting in the issuance of 543,748 new ordinary shares at an average price of approximately $97.45 per share. This development was registered with the Danish Business Authority, reflecting an increase in the company’s nominal share capital. Additionally, Ascendis Pharma’s board granted 31,710 warrants to employees, with an exercise price of $208.71 per share, vesting over four years. Meanwhile, Scorpius Holdings has entered a new financing agreement, issuing a promissory note worth $500,083 and securing up to $5 million in potential additional funding. The note carries a 5% annual interest rate and matures by October 31, 2025. In another development, onsemi announced an agreement to acquire Aura Semiconductor’s Vcore power technologies, enhancing its power management portfolio for AI data centers. The transaction is expected to close in the fourth quarter of 2025. Lastly, PHP Ventures Acquisition Corp. has extended its merger deadline by depositing $4,770.70 into its trust account, allowing more time to finalize a potential business combination.

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