Oneconnect Financial Technology Co Ltd Stock Price, News & Analysis

OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) announced the filing of its annual report on Form 20-F for the fiscal year ending December 31, 2022, with the SEC on April 24, 2023. This report includes audited consolidated financial statements, accessible via the SEC's website or the Company’s investor relations site. OneConnect is a technology-as-a-service provider for financial institutions in China, offering digital solutions for retail and commercial banking, insurance, and other financial services. The company emphasizes its role in supporting digital transformation to enhance efficiency and reduce costs for its clients.

OneConnect also commits to providing hard copies of its annual report upon request from shareholders and ADS holders, reflecting its dedication to transparency.

On April 4, 2023, OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) held an extraordinary general meeting in Shenzhen, where shareholders approved the equity transfer agreement allowing Shanghai OneConnect to sell its 40% equity interest in Ping An Puhui Lixin Asset Management Co., Ltd. to Puhui Management for RMB199,200,000. This agreement, dated November 24, 2022, is seen as a strategic move to optimize the company's asset management operations. OneConnect continues to provide technology solutions to financial institutions, aiding their digital transformation and improving operational efficiencies.

OneConnect Financial Technology Co. has announced a strategic collaboration with Old Mutual to enhance digital transformation in the life insurance sector. This partnership aims to leverage OneConnect's technology and local expertise to support Old Mutual's customer-centric digital strategy. Old Mutual, a major Pan-African financial services provider, seeks to integrate digitalization in its operations effectively. OneConnect's Omni-channel Agent Solution will empower agents through AI-driven tools for improved efficiency in recruitment and customer management. Both companies will work towards creating transformative solutions for the South African market.

OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) announced its unaudited financial results for Q4 and full year 2022. Revenue from third-party customers rose 6.7% year-over-year to RMB442 million, while total revenue decreased 3.0% to RMB1,242 million. The company reported a net loss of RMB177 million, an improvement from RMB358 million in the prior year, with a net profit margin of -14.3% compared to -28.0% a year prior. Full-year revenue increased 8.0% to RMB4,464 million. The gross margin improved to 40.3% from 35.2%. The company’s ongoing efforts in product innovation and efficiency have shown promising trends, particularly in their virtual banking and cloud services segments.

OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) will release its quarterly and annual financial results for the period ending December 31, 2022, before U.S. markets open on March 13, 2023. This announcement is part of its commitment to transparency and communication with investors. A conference call is scheduled on the same day at 8:00 a.m. U.S. Eastern Time, where management will discuss the results and answer questions. Participants must register online to join the call. The company will also provide an archived transcript of the financial results on its investor relations website.