IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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Event-Driven

Oneconnect Financial Technology / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/oneconnect-financial-technology-co-ltd-2e580cf8-6a65-4148-ac1e-f9a8a167856a" target="_blank" data-smartkarma-citation="entities:36656:1" rel="noopener">Oneconnect Financial Technology (6638 HK)</a>’s IFA opines that <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a>’s HK$2.068 (US$7.976 per ADS) offer is fair and reasonable. The vote is on 28 October. </li>
<li>The offer is below net cash, and the FCF burn is modest. Ping An is privatising OneConnect just as its revenue declines end (due to the discontinued cloud business).</li>
<li>The high minority participation rate and protest votes at the recent AGM are warning signs that the scheme vote is high risk. This setup is best avoided. </li>
</ul>



Oneconnect Financial Technology (6638 HK)’s IFA opines that Ping An Insurance (H) (2318 HK)’s HK$2.068 (US$7.976 per ADS) offer is fair and reasonable. The vote is on 28 October. 
The offer is below net cash, and the FCF burn is modest. Ping An is privatising OneConnect just as its revenue declines end (due to the discontinued cloud business).
The high minority participation rate and protest votes at the recent AGM are warning signs that the scheme vote is high risk. This setup is best avoided. 


OneConnect Financial (6638 HK/OCFT US): Scheme Vote for Below Net Cash Offer on 28 October

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>I was way off on timing. After the pre-cons were satisfied on the 9th July, I thought Ping An's Offer for <a href="https://www.smartkarma.com/entities/oneconnect-financial-technology-co-ltd-2e580cf8-6a65-4148-ac1e-f9a8a167856a" target="_blank" data-smartkarma-citation="entities:36656:1" rel="noopener">Oneconnect Financial (6638 HK)</a> could feasibly wrap up around now.</li>
<li>A draft Scheme Doc was released on the 18th July. The IFA (Gram Capital) said fair &amp; reasonable. </li>
<li>
<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0923/2025092300034.pdf" target="_blank" rel="noopener">The Scheme Document is now out</a>, with a Court Meeting on the 28th October and expected payment around the 28th November. </li>
</ul>


I was way off on timing. After the pre-cons were satisfied on the 9th July, I thought Ping An's Offer for Oneconnect Financial (6638 HK) could feasibly wrap up around now.
A draft Scheme Doc was released on the 18th July. The IFA (Gram Capital) said fair &amp; reasonable. 

The Scheme Document is now out, with a Court Meeting on the 28th October and expected payment around the 28th November. 


OneConnect (6638 HK/OCFT US): 28th October Vote On Ping An's Offer

<ul>
<li>On the 15th May, dual-listed <a href="https://www.smartkarma.com/entities/oneconnect-financial-technology-co-ltd-2e580cf8-6a65-4148-ac1e-f9a8a167856a" target="_blank" data-smartkarma-citation="entities:36656:1" rel="noopener">Oneconnect (6638 HK/OFT US)</a>, a digital retail banking/commercial banking/digital insurance play, announced a firm Scheme Offer from Ping An, OneConnect's controlling shareholder.</li>
<li>Ping An is offering HK$2.068/share, or US$7.98/ADS, a 72.33% premium to last close, and a 131.66% premium to the 30-day average. Net cash is, however,  ~HK$1.83/share. The price is final.
</li>
<li>SAMR has now signed off on the deal, satisfying the pre-condition. We await directions from the Cayman court on timing. I'm estimating late-September payment. Should the deal get up.</li>
</ul>


On the 15th May, dual-listed Oneconnect (6638 HK/OFT US), a digital retail banking/commercial banking/digital insurance play, announced a firm Scheme Offer from Ping An, OneConnect's controlling shareholder.
Ping An is offering HK$2.068/share, or US$7.98/ADS, a 72.33% premium to last close, and a 131.66% premium to the 30-day average. Net cash is, however,  ~HK$1.83/share. The price is final.

SAMR has now signed off on the deal, satisfying the pre-condition. We await directions from the Cayman court on timing. I'm estimating late-September payment. Should the deal get up.


OneConnect (6638 HK/OCFT US): Ping An's Offer Gets The Nod From SAMR

<ul>
<li>The precondition for <a href="https://www.smartkarma.com/entities/oneconnect-financial-technology-co-ltd-2e580cf8-6a65-4148-ac1e-f9a8a167856a" target="_blank" data-smartkarma-citation="entities:36656:1" rel="noopener">Oneconnect Financial Technology (6638 HK)</a>’s scheme offer from Ping An is satisfied. The offer is HK$2.068 per share (US$7.976 per ADS). The offer price is final.</li>
<li>
<a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a> is hoping that a dire 1Q25 and letters of support will nudge minorities to accept an offer that values OneConnect below net cash. </li>
<li>The high minority participation rate and protest votes at the recent AGM are warning signs that the vote is far from a done deal. Tread carefully.</li>
</ul>


The precondition for Oneconnect Financial Technology (6638 HK)’s scheme offer from Ping An is satisfied. The offer is HK$2.068 per share (US$7.976 per ADS). The offer price is final.

Ping An Insurance (H) (2318 HK) is hoping that a dire 1Q25 and letters of support will nudge minorities to accept an offer that values OneConnect below net cash. 
The high minority participation rate and protest votes at the recent AGM are warning signs that the vote is far from a done deal. Tread carefully.


OneConnect Financial (6638 HK/OCFT US): Precondition Satisfied for a Below Net Cash Offer

<ul>
<li>Back on 3rd March, dual-listed <a href="https://www.smartkarma.com/entities/oneconnect-financial-technology-co-ltd-2e580cf8-6a65-4148-ac1e-f9a8a167856a" target="_blank" data-smartkarma-citation="entities:36656:1" rel="noopener">OneConnect Financial (6638 HK/OFT US)</a>, a digital retail banking/commercial banking/digital insurance play, announced a non-binding proposal from Ping An, OneConnect's controlling shareholder with 32.12%.</li>
<li>By way of a Scheme, Ping An offered HK$2.068/share, or US$7.98/ADS, a 72.33% premium to last close, and a 131.66% premium to the 30-day average. The price was final. 
</li>
<li>
<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0515/2025051501347.pdf" target="_blank" rel="noopener">SAMR has now signed off on the deal and terms are now firmed</a>. M&amp;G is supportive (1.98% of shares out,  ~8% of disinterested shares). Perhaps mid-September completion. </li>
</ul>


Back on 3rd March, dual-listed OneConnect Financial (6638 HK/OFT US), a digital retail banking/commercial banking/digital insurance play, announced a non-binding proposal from Ping An, OneConnect's controlling shareholder with 32.12%.
By way of a Scheme, Ping An offered HK$2.068/share, or US$7.98/ADS, a 72.33% premium to last close, and a 131.66% premium to the 30-day average. The price was final. 


SAMR has now signed off on the deal and terms are now firmed. M&amp;G is supportive (1.98% of shares out,  ~8% of disinterested shares). Perhaps mid-September completion. 


OneConnect Financial (6638 HK/OCFT US): Ping An Firms Offer @ HK$2.068/Share

Hong Kong

Oneconnect Financial Technology Co., Ltd. software as a services. The Company offers technological applications for financial institutes such as digital transformations, revenue increase, and risk management. Oneconnect Financial Technology serves customers in China.

Oneconnect Financial Technology (6638 HK)

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Oneconnect Financial Technology (6638 HK)

OneConnect Financial (6638 HK/OCFT US): Scheme Vote for Below Net Cash Offer on 28 October

The offer is below net cash, and Ping An is privatising OneConnect just as its revenue declines are coming to an end. This setup is best avoided.

Arun George

OneConnect (6638 HK/OCFT US): 28th October Vote On Ping An's Offer

Terms are light. Trading wide. IF illiquid Hong Kong arbs are your bag, pay up to ~HK$2/share. After the Goldlion Holdings and Soundwill Holdings...

David Blennerhassett

OneConnect (6638 HK/OCFT US): Ping An's Offer Gets The Nod From SAMR

Terms are light. That is clear. And trading wide as a result. IF illiquid Hong Kong arbs are your bag, get involved. After the Goldlion and...

David Blennerhassett

OneConnect Financial (6638 HK/OCFT US): Precondition Satisfied for a Below Net Cash Offer

The offer is light. The high minority participation rate and protest votes at the recent AGM are warning signs that the vote is far from a done...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

OneConnect Financial (6638 HK/OCFT US): Scheme Vote for Below Net Cash Offer on 28 October

The offer is below net cash, and Ping An is privatising OneConnect just as its revenue declines are coming to an end. This setup is best avoided.

Arun George

OneConnect (6638 HK/OCFT US): 28th October Vote On Ping An's Offer

Terms are light. Trading wide. IF illiquid Hong Kong arbs are your bag, pay up to ~HK$2/share. After the Goldlion Holdings and Soundwill Holdings...

David Blennerhassett

OneConnect (6638 HK/OCFT US): Ping An's Offer Gets The Nod From SAMR

Terms are light. That is clear. And trading wide as a result. IF illiquid Hong Kong arbs are your bag, get involved. After the Goldlion and...

David Blennerhassett

OneConnect Financial (6638 HK/OCFT US): Precondition Satisfied for a Below Net Cash Offer

The offer is light. The high minority participation rate and protest votes at the recent AGM are warning signs that the vote is far from a done...

Arun George

OneConnect Financial (6638 HK/OCFT US): Ping An Firms Offer @ HK$2.068/Share

Terms are light.But no competing offer will emerge. If illiquid Hong Kong arbs are your bag, get involved, and pay up to ~HK$1.90/share. After the...

David Blennerhassett