If You Invested in Oneconnect Financial Technology Co Ltd (OCFT)

OneConnect Financial Technology Co., Ltd. (NYSE: OCFT; HKEX: 6638) is a technology-as-a-service provider for the financial services industry. According to the company’s public disclosures, OneConnect integrates financial services industry expertise with technology to deliver technology applications and technology-enabled business services to financial institutions. Its integrated solutions and platforms include a Digital Banking solution, a Digital Insurance solution and the Gamma Platform, which is described as a technology infrastructure platform for financial institutions.

OneConnect is an associate of Ping An Insurance (Group) Company of China, Ltd. and is identified in Ping An’s communications as the Group’s exclusive FinTech export platform. By leveraging more than 30 years of Ping An’s experience in financial services and research capabilities, OneConnect has established long-term cooperation relationships with financial institutions that are seeking digital transformation. The company states that its solutions support customers in improving efficiency, enhancing service quality, and reducing costs and risks.

Business model and solutions

Based on its official descriptions, OneConnect’s business centers on providing technology-as-a-service to banks, insurers and other financial institutions. Its offerings are organized into three main solution lines:

• Digital Banking – technology applications and services designed for banking institutions.
• Digital Insurance – solutions that support digital property and casualty insurance and other insurance-related processes.
• Gamma Platform – a technology infrastructural platform used by financial institutions as part of their digital transformation.

The company reports revenue from several categories of activities, including implementation, transaction-based and support revenue (covering business origination services, risk management services, operation support services, cloud services platform, post-implementation support services and others), and segment revenues from Digital Banking, Digital Insurance and Gamma Platform. These disclosures indicate that OneConnect generates income from both project implementation work and ongoing usage or support of its technology solutions.

Technology focus

In its own and Ping An’s communications, OneConnect is repeatedly associated with financial technology and artificial intelligence. Ping An highlights that OneConnect leverages the Group’s AI capabilities and proprietary research and development to support financial institutions. OneConnect’s AI-powered anti-fraud solution, for example, integrates modules such as facial recognition, NFC multi-country document verification, deepfake detection and device risk assessment, and is used in electronic know-your-customer (eKYC) and anti-fraud scenarios.

OneConnect has also participated in initiatives such as the Hong Kong Monetary Authority’s Generative AI Sandbox through an “Anti-Fraud Strategy Platform” that uses AI-powered facial recognition to help detect deepfake fraud in a controlled environment. These activities underscore the company’s emphasis on applying AI and related technologies to risk management and fraud detection for financial institutions.

Customer base and geographic reach

According to Ping An and OneConnect’s public statements, the company works with a broad set of financial institutions. Ping An notes that, for domestic operations in China, 100% of state-owned banks and joint-stock banks have utilized at least one of OneConnect’s products. OneConnect also reports that it has exported its technology solutions to overseas financial institutions, and Ping An has stated that OneConnect serves financial institutions in multiple countries and regions. In addition, OneConnect has provided eKYC and anti-fraud services to a significant portion of Hong Kong’s traditional retail banks.

OneConnect’s disclosures indicate that it has expanded its services to other participants in the financial services value chain, with the aim of supporting the digital transformation of the broader financial services ecosystem. The company has also reported increased demand for post-implementation support services from overseas customers.

Relationship with Ping An Group

OneConnect is described by Ping An as the sole platform within the Group that exports financial technology. Externally, it provides technology and business solutions to financial institutions, while internally it supports Ping An subsidiaries such as Ping An Property & Casualty Insurance and Ping An Life with technology for digital transformation. Ping An communications emphasize that OneConnect is involved in projects such as digital-intelligent claims models and digital transformation of property insurance operations.

As part of Ping An’s broader strategy of technology-enabled integrated finance, OneConnect’s role is to apply “technology + business” capabilities to financial services use cases. The company’s revenue disclosures also show a material portion of its revenue coming from Ping An Group and Lufax Holding Ltd., alongside revenue from third-party customers.

Capital markets status and privatization

Historically, OneConnect’s American depositary shares (ADSs), each representing thirty ordinary shares, traded on the New York Stock Exchange under the ticker OCFT, and its ordinary shares were listed on the Hong Kong Stock Exchange under the ticker 6638. In 2025, the company pursued a privatization by way of a scheme of arrangement under the Companies Act of the Cayman Islands. According to a series of Form 6-K filings, OneConnect’s shareholders approved the privatization proposal, the Cayman court sanctioned the scheme, and the scheme became effective in November 2025.

A Form 6-K dated November 20, 2025 states that the withdrawal of listing of the company’s ordinary shares from the Hong Kong Stock Exchange was expected to be effective on November 21, 2025, and that the company’s ADSs were expected to be delisted from the NYSE on December 1, 2025. A subsequent Form 25 filed by the New York Stock Exchange on November 21, 2025 is a notification of removal from listing and/or registration of OneConnect’s ADSs under Section 12(b) of the Securities Exchange Act of 1934.

On December 1, 2025, OneConnect filed a Form 15 to certify the termination of registration under Section 12(g) and the suspension of the duty to file reports under Sections 13 and 15(d) of the Exchange Act. The Form 15 indicates that the approximate number of holders of record of the covered securities as of the certification date was one. These filings together mean that OneConnect’s ADSs are no longer listed on the NYSE and the company has deregistered its securities with the U.S. Securities and Exchange Commission.

Business evolution

OneConnect’s financial disclosures show that it has adjusted its business mix over time. The company reports that it completed the disposal of its virtual bank business to Lufax Holding Ltd. in 2024, after which that business has been presented as discontinued operations in its financial statements. In addition, OneConnect has disclosed a strategic phasing out of its cloud services platform since July 2024, which has led to a substantial decline in revenue from that line and a shift in the composition of revenue across its Gamma Platform, Digital Banking and Digital Insurance segments.

Despite these changes, OneConnect continues to describe its core business as providing digital banking, digital insurance and technology infrastructure solutions to financial institutions, and to emphasize its role in enabling digital transformation across the financial services industry.

OCFT stock as a historical listing

Given the privatization and subsequent deregistration, OCFT now represents a historical NYSE ticker for OneConnect’s ADSs rather than an actively listed U.S. security. Investors researching OCFT are typically looking at the company’s past public market history, historical financial performance, and corporate actions leading up to its privatization and delisting.