OneConnect, Ping An's financial management portal which offers AI-powered services such as risk management to financial firms, has picked Goldman Sachs and JP Morgan (among others) to work on te planned Hong Kong IPO.
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Ping An Starts Work on Up to $3 Billion OneConnect IPO
Ping An Insurance is preparing listings for its technology units after shares of the insurer have risen more than 80 percent over the past 12 months, giving it a market value of about $190 billion. Alex Ren, the company’s president, said earlier this month that Ping An Insurance remains undervalued after its 2017 earnings topped all analyst estimates. Representatives for Goldman Sachs and JPMorgan declined to comment, while a representative for CCB International couldn’t immediately comment. OneConnect doesn’t have any information to provide on the matter, it said in a written reply to Bloomberg queries. A representative for Ping An Securities said the firm didn’t have relevant information.
