OneConnect debuts on HKEX in dual primary listing

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OneConnect debuts on HKEX in dual primary listing

China insurance conglomerate Ping An’s fintech subsidiary, OneConnect Financial Technology, has debuted on the main board of the HKEX by way of introduction and dual-primary listing.

OneConnect went public on the Nasdaq in 2019 and debuted on the HKEX on July 4. Unlike IPOs and secondary listings, a debut by introduction means a company will raise no capital and issue no new shares in six months.

Cleary Gottlieb Steen & Hamilton advised the issuer on Hong Kong and US law, Haiwen & Partners advised on PRC law, and Maples Group advised on Cayman Islands law.

For the joint sponsors Goldman Sachs and HSBC, Clifford Chance acted as Hong Kong and US counsel, while Grandall Law Firm acted as PRC counsel, led by Shanghai-based partner Yue Yongping.

Mayer Brown represented the designated dealer and the alternate designated dealer in this transaction.