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Ping An's OneConnect provides cloud computing and other technology services to small- and medium-sized financial institutions. It’s partnered with more than 460 banks as well as over 1,800 other financial services firms from insurers and brokerages to fund managers and private-equity houses. The Ping An subsidiary previously raised $650 million in a financing that valued the company at $7.4 billion.
A OneConnect spinoff and IPO would be one of the highest-profile deals in Hong Kong since a rapidly decelerating Chinese economy chilled public funding and the country’s tech space. It would help propel Ping An’s longer-term strategy to transform itself into a financial technology powerhouse. The tech-heavy MSCI China Index has risen 20 percent from its January low. Deliberations are still at an early stage, and details of the OneConnect offering including the valuation and fundraising size could change depending on market sentiment, the people said. Gareth Hewett, a spokesman for the company, declined to comment.
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