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China's Ping An starting work on up to US$3b OneConnect IPO: sources

[HONG KONG] Ping An Insurance (Group) Co, China's largest insurer by market value, is starting preparations for an initial public offering (IPO) of its OneConnect financial management portal that could raise as much as US$3 billion, people with knowledge of the matter said.

The Ping An unit picked banks including Goldman Sachs Group Inc, JPMorgan Chase & Co and CCB International Holdings Ltd to work on the planned Hong Kong share sale, according to the people. The company is targeting a listing as soon as September, the people said, asking not to be identified because the information is private.

Three Ping An subsidiaries raised a combined US$2.2 billion earlier this year, the Hong Kong-listed insurer said in February. OneConnect, which offers AI-powered services such as risk management to financial firms, completed a US$650 million funding round that valued it at US$7.4 billion. Online healthcare platform Ping An Good Doctor raised US$400 million ahead of a planned IPO, while Ping An Healthcare Technology completed a US$1.15 billion funding round.

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.

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OneConnect provides cloud computing and other technology services to small and medium-sized financial institutions in China. The company's partners include 468 banks, as well as 1,890 other firms including insurers, brokerages, fund managers and private-equity investors, the report shows.

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