Ping An’s blockchain unit eyes US IPO

China’s biggest insurer Ping An’s blockchain and fintech arm OneConnect is looking forward to launching an initial public offering (IPO) in New York by mid-November this year.

According to a Reuters report in June, Ping An had changed its IPO location to New York from Hong Kong in the hope of achieving a higher valuation. At the time, OneConnect was looking to raise USD1 billion via the IPO at a valuation of about USD8 billion.

OneConnect sells technology services, including blockchain infrastructure. For instance, it helped the Hong Kong Monetary Authority (HKMA), the region’s de facto central bank, build a blockchain trade finance platform called eTradeConnect.

Earlier this year, OneConnect also received a virtual banking license by the HKMA to operate in Hong Kong.