Oneconnect Financial Technology Co Ltd Stock Price, News & Analysis

OneConnect Financial Technology has announced a share repurchase program allowing for the buyback of up to 2% of its outstanding American depositary shares (ADSs) from February 24, 2022, to September 30, 2022. The board believes the ADSs are undervalued, underlining confidence in the company's fundamentals and long-term strategies. Funding will be sourced from existing cash balances. The program's execution will adhere to U.S. regulatory guidelines and may be adjusted based on market conditions.

OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) will announce its Fourth Quarter and Full Year 2021 financial results on February 24, 2022, after U.S. markets close. This will be followed by a conference call at 8:00 p.m. ET. Investors can register for the call to receive access details. The company's investor relations website will host the financial results and a transcript post-event. OneConnect specializes in technology-as-a-service solutions for financial institutions, serving over 100 clients across 20 countries as of June 30, 2021.

OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) has been recognized on the Forbes Blockchain 50 list for 2022, marking its second consecutive year on this prestigious list. The company is noted for its innovative blockchain solutions aimed at enhancing trade and financing. Key achievements include a financing platform for SMEs in Guangdong, which has facilitated over 1 million businesses with a financing volume surpassing 68 billion yuan (approx. US$10.7 billion). Additionally, OneConnect's collaboration on blockchain projects like Hong Kong's eTradeConnect demonstrates significant contributions to trade finance efficiency.

OneConnect Financial Technology Co. has received the prestigious 2021 Wu Wenjun AI Science and Technology Progress Award for its AI Open Innovation Platform for Inclusive Finance. This accolade highlights OneConnect's role as a leader in AI innovation within China's financial services sector. Launched in 2019, the platform aims to enhance financial service efficiency and accessibility through advanced technologies. The company has also made significant strides in R&D, submitting 5,652 global patent applications as of December 31, 2021, strengthening its competitive edge in the market.

On January 9, 2022, OneConnect Financial Technology (NYSE: OCFT) announced a strategic partnership with Chengfang Financial Technology, a unit of the People’s Bank of China. The collaboration aims to tackle financial industry challenges through innovations in AI, cloud computing, and big data. The partners will enhance data processing, governance, and privacy technology in banking systems. This alliance strengthens OneConnect's role in China's digital banking landscape and supports its mission to advance financial services. Future projects will also explore privacy computing technologies, fostering growth in digital finance.

OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) was recognized as one of the World's Top Ten Fintech Companies in 2021 for Patent Quality, as announced by 01Caijing Research Institute. The company has filed 5,229 patent applications globally, with 3,929 in China, focusing on sectors like artificial intelligence and blockchain. OneConnect's advancements include an intelligent calling system that can handle over half a million calls monthly. The firm aims to enhance its R&D capabilities and quality of services while expanding its presence in international markets.

OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) announced it will not proceed with acquiring a majority stake in Shenzhen Vzoom Credit Technology Co., Ltd. due to the expiration of their Memorandum of Understanding. The decision follows a thorough analysis of circumstances surrounding the potential acquisition, initially disclosed on August 25, 2021. OneConnect focuses on providing technology-as-a-service solutions to financial institutions in China.

OneConnect Financial Technology Co. Ltd. (NYSE: OCFT) has launched Gamma Core, an advanced core banking system designed to support financial institutions in their digital transformation journeys. The innovative system emphasizes a customer-centric approach, enabling banks to tailor services for diverse client groups while reducing operating costs to RMB 1 per account. By leveraging intelligent technologies, Gamma Core minimizes human intervention in transactions to only 1 percent. The digital transformation market for Chinese financial institutions is projected to exceed RMB 400 billion by 2024, positioning OneConnect as a leader in FinTech.

OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) reported a 20.8% year-over-year revenue growth, reaching RMB 1,065 million for Q3 2021. Despite the growth, the gross margin declined to 35.5% from 42.7% in the prior year. The net loss attributable to shareholders increased to RMB 270 million, compared to RMB 243 million a year earlier, with a basic net loss per share of RMB 0.24. The company saw significant growth in its cloud services, now accounting for 28.5% of total revenue.