OneConnect Announces Extraordinary General Meeting Results

Rhea-AI Summary

OneConnect Financial Technology (NYSE: OCFT, HKEX: 6638) announced the results of its extraordinary general meeting held in Shenzhen on December 18, 2024. Shareholders approved four key agreements extending through December 31, 2027:

1. The 2024 Provision of Products and Services Agreement
2. The 2024 Services and Products Purchasing Agreement
3. The 2024 Financial Services Purchasing Agreement
4. The 2024 Property Leasing Agreement

Each resolution includes authorization for executive directors to execute necessary documents and implement the approved transactions under their respective annual caps.

Positive

• Secured shareholder approval for all proposed agreements through 2027
• Established long-term operational framework with multi-year agreements

Negative

• None.

Insights

Financial Analyst

The approval of these four major agreements - Products and Services, Services and Products Purchasing, Financial Services Purchasing and Property Leasing - represents significant operational framework developments for OneConnect through 2027. These agreements establish the foundation for the company's continued business relationships and set clear financial boundaries through annual caps. While specific financial terms aren't disclosed, these agreements are important for OneConnect's operational stability and growth planning in the Chinese financial technology sector. The comprehensive nature of these agreements, covering everything from core services to property leasing, suggests a well-structured approach to managing key business relationships and costs over the next three years.

Legal Expert

The shareholder approval of these four distinct agreements demonstrates strong corporate governance practices and compliance with regulatory requirements for related-party transactions. The authorization granted to executive directors streamlines the implementation process while maintaining proper oversight. The structured approach to setting three-year caps for each agreement category reflects prudent risk management and transparency in business operations. This comprehensive legal framework provides clarity on operational boundaries and helps mitigate potential conflicts of interest, which is particularly important for a company dual-listed on NYSE and HKEX.

SHENZHEN, China, Dec. 18, 2024 /PRNewswire/ -- OneConnect Financial Technology Co., Ltd. ("OneConnect" or the "Company") (NYSE: OCFT and HKEX: 6638), a leading technology-as-a-service provider for the financial services industry in China, today announced the results of its extraordinary general meeting of shareholders held in Shenzhen on December 18, 2024.

At the meeting, the shareholders of OneConnect Financial Technology Co., Ltd. approved, ratified and/or confirmed the following resolutions:

1. That the 2024 Provision of Products and Services Agreement, the transactions contemplated thereunder, and the proposed annual caps for the three years ending 31 December 2027, details of which are more particularly described in the circular to holders of the Company's ordinary shares dated November 6, 2024 (the "Circular") of OneConnect, be and are hereby approved, ratified and confirmed; and That any one executive director of the Company be and is hereby authorized for and on behalf of the Company to execute, and where required, to affix the common seal of the Company to, any documents, instruments or agreements, and to do any acts and things deemed by him or her to be necessary, expedient or appropriate in order to give effect to and implement the transactions contemplated under the 2024 Provision of Products and Services Agreement (including the proposed annual caps thereunder for the three years ending 31 December 2027).
   
   
2. That the 2024 Services and Products Purchasing Agreement, the transactions contemplated thereunder, and the proposed annual caps for the three years ending 31 December 2027, details of which are more particularly described in the Circular, be and are hereby approved, ratified and confirmed; and That any one executive director of the Company be and is hereby authorized for and on behalf of the Company to execute, and where required, to affix the common seal of the Company to, any documents, instruments or agreements, and to do any acts and things deemed by him or her to be necessary, expedient or appropriate in order to give effect to and implement the transactions contemplated under the 2024 Services and Products Purchasing Agreement (including the proposed annual caps thereunder for the three years ending 31 December 2027).
   
   
3. That the 2024 Financial Services Purchasing Agreement, the transactions contemplated thereunder, and the proposed annual caps for the three years ending 31 December 2027, details of which are more particularly described in the Circular, be and are hereby approved, ratified and confirmed; and That any one executive director of the Company be and is hereby authorized for and on behalf of the Company to execute, and where required, to affix the common seal of the Company to, any documents, instruments or agreements, and to do any acts and things deemed by him or her to be necessary, expedient or appropriate in order to give effect to and implement the transactions contemplated under the 2024 Financial Services Purchasing Agreement (including the proposed annual caps thereunder for the three years ending 31 December 2027).
   
   
4. That the 2024 Property Leasing Agreement, the transactions contemplated thereunder, and the proposed annual caps for the three years ending 31 December 2027, details of which are more particularly described in the Circular, be and are hereby approved, ratified and confirmed; and That any one executive director of the Company be and is hereby authorized for and on behalf of the Company to execute, and where required, to affix the common seal of the Company to, any documents, instruments or agreements, and to do any acts and things deemed by him or her to be necessary, expedient or appropriate in order to give effect to and implement the transactions contemplated under the 2024 Property Leasing Agreement (including the proposed annual caps thereunder for the three years ending 31 December 2027).

About OneConnect

OneConnect Financial Technology Co., Ltd. is a technology-as-a-service provider for financial services industry. The Company integrates extensive financial services industry expertise with market-leading technology to provide technology applications and technology-enabled business services to financial institutions. The integrated solutions and platform the Company provides include digital banking solution, digital insurance solution and Gamma Platform, which is a technology infrastructural platform for financial institutions. The Company's solutions enable its customers' digital transformations, which help them improve efficiency, enhance service quality, and reduce costs and risks.

The Company has established long-term cooperation relationships with financial institutions to address their needs of digital transformation. The Company has also expanded its services to other participants in the value chain to support the digital transformation of financial services eco-system. In addition, the Company has successfully exported its technology solutions to overseas financial institutions.

For more information, please visit ir.ocft.com.

Contacts

Investor Relations:
OCFT IR Team
OCFT_IR@ocft.com  

Media Relations:
OCFT PR Team
pub_jryztppxcb@pingan.com.cn 

View original content:https://www.prnewswire.com/news-releases/oneconnect-announces-extraordinary-general-meeting-results-302334914.html

SOURCE OneConnect Financial Technology Co., Ltd.

FAQ

What agreements did OCFT shareholders approve at the December 2024 extraordinary meeting?

Shareholders approved four agreements: the 2024 Provision of Products and Services Agreement, Services and Products Purchasing Agreement, Financial Services Purchasing Agreement, and Property Leasing Agreement, all extending through December 31, 2027.

How long are the new OCFT agreements valid for?

All four agreements approved at the extraordinary general meeting are valid for three years, ending December 31, 2027.

When did OCFT hold its extraordinary general meeting?

OneConnect held its extraordinary general meeting on December 18, 2024, in Shenzhen, China.

What authority was granted to OCFT executive directors in the approved resolutions?

Executive directors were authorized to execute documents, affix company seals, and implement transactions under the approved agreements, including managing their respective annual caps through 2027.