Oneconnect Financial Technology Co Ltd Stock Price, News & Analysis

OneConnect Financial Technology reported third quarter 2022 results, with revenue rising 0.4% to RMB1,069 million. The net loss attributable to shareholders improved to RMB133 million from RMB270 million year-over-year, resulting in a net profit margin of -12.4%. Gross margin slightly decreased to 35.1%. The company noted stable revenue despite macro challenges, with growth in AI customer service and international markets like Hong Kong and UAE. However, transaction-based product revenue declined due to pandemic restrictions. Operating expenses reduced, improving operational efficiency.

OneConnect Financial Technology Co. Ltd. (NYSE: OCFT) has received a notification from the NYSE regarding its non-compliance with listing standards due to its American depositary shares (ADSs) trading below $1.00 over the last 30 trading days. The Company has a six-month 'Cure Period' to meet the minimum share price requirement. The notification does not affect its operations, SEC reporting, or contractual obligations. OneConnect plans to take measures to regain compliance, including potentially adjusting the ADS ratio.

OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) announced it will release its unaudited financial results for Q3 2022 and nine months ended September 30, 2022, on November 10, 2022, before U.S. markets open. A conference call will follow at 7:00 a.m. ET (8:00 p.m. HK time), allowing participants to engage with management. Interested participants must register online at least 20 minutes prior to the call. Financial results and transcripts will be available on the investor relations website.

OneConnect Financial Technology unveiled OneConnect Smart Technology (ME) Limited in Abu Dhabi, UAE, on October 10, 2022. The company aims to enhance financial services for SMEs by developing the ADGM SME Financing Platform, an integrated digital finance marketplace. This platform will improve access to financing, streamline operations with digital tools, and connect SMEs with lenders and data sources. The partnership with ADGM signifies a commitment to transform the financing landscape in the MENA region, following previous initiatives like the Digital Lab launched in 2021.

OneConnect Financial Technology Co., Ltd (Stock Code: 6638.HK) announced its collaboration with the Abu Dhabi Global Market (ADGM) to develop a digital SME Financing Platform aimed at enhancing financial services for small and medium enterprises (SMEs) in the UAE. This platform will streamline access to a variety of financing options, improve operational efficiency, and support greater financial inclusion. Utilizing digital tools like e-contracts, SMEs will benefit from a simplified loan application process, thus fostering a more effective and transparent financing landscape in the MENA region.

OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) reported a 17.2% increase in revenue for Q2 2022, reaching RMB 1,134 million, compared to RMB 968 million in the prior year. The company improved its adjusted net profit margin by 17.3 percentage points year-over-year, reaching -18.8%. Operating loss narrowed to RMB 278 million from RMB 395 million, while net loss attributable to shareholders decreased to RMB 245 million from RMB 349 million. The board authorized a share repurchase program, having repurchased approximately 2.1% of total shares as of June 30, 2022.

OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) will release its financial results for Q2 and the first half of 2022 on August 17, 2022, before U.S. markets open. The conference call is scheduled for 8:00 a.m. Eastern Time the same day. Investors can join via a live webcast or by phone. The financial results will be accessible on the company’s investor relations website shortly after the call. The upcoming earnings report is highly anticipated and could provide insights into the company’s performance amid ongoing market conditions.

OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) has successfully listed its ordinary shares on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code '6638'. The shares will trade in board lots of 500. The American depositary shares, each representing three shares, remain listed on the NYSE. The depositary facility for the ADSs is expected to close for deposits of shares but will reopen on November 14, 2022. The shares are not registered under U.S. Securities Act and can be offered only in exempt transactions.