Oneconnect Financial Technology Co Ltd Stock Price, News & Analysis

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.

OneConnect Financial Technology, a provider of technology-as-a-service to financial institutions in China, announced a change in the ADS ratio effective December 12, 2022. The new ratio will be one ADS representing thirty ordinary shares, equivalent to a one-for-ten reverse ADS split. Existing ADS holders will need to exchange their ADSs for new ones, with no fractional ADSs issued. While a proportional increase in ADS price is expected, the company cannot guarantee that the new price will be ten times the previous price.

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.