SoftBank-backed OneConnect surges 5% in NYSE debut

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SoftBank-backed OneConnect surges 5% in NYSE debut

On Friday, the 13th of December 2019, China’s Shenzhen-based fintech firm, OneConnect Financial Technology rose as much as 5 per cent in its debut on New York Stock Exchange, which in effect had valued the leading Chinese Fintech SaaS provider of small- and medium-sized financial entities at a stark sum of $3.79 billion.

Aside from that, on Friday’s (December 13th) Wall St., shares of China’s OneConnect Financial Technology opened the day 5.10 per cent higher to $10.51 per share compared to its IPO price of $10 per share, nonetheless, during preparation of the report, at midday US trading hours, NYSE-listed shares of OneConnect Financial Technology was trading 0.90 per cent lower to $9.91 per share, as a limited Sino-US trade deal apparently have failed to satisfy investors’ optimisms.

Besides, given the extent of volatility tech stocks were experiencing following a wave of comments from leading negotiators of Washington and Beijing on an interim trade deal, the company had recently downsized its IPO volume by 28 per cent and lowered its IPO price range between $9 to $10 per share from an earlier target range of $12 to $14 per share.

However, the Shenzhen-based OneConnect that offers advanced technology based financial solutions to small- and medium-scale businesses, raised a total of roughly $312 million at its IPO (Initial Public Offering) on Thursday (December 12th), selling about 31.2 million American depository shares, about 20 per cent up from its Wednesday’s (December 11th) plan of selling around 26 million shares.