OneConnect Financial Technology Co., Ltd. Announces Completion of Internal Investigation
November 15 2021 - 8:00AM
Business Wire
OneConnect Financial Technology Co., Ltd. (“OneConnect” or the
“Company”) (NYSE: OCFT), a leading technology-as-a-service platform
for financial institutions in China, today announced that the
Company’s audit committee (the “Audit Committee”) has completed the
internal investigation and found no evidence to support the
allegations in the anonymous complaint disclosed in the press
release issued by the Company on August 31, 2021. As previously
disclosed, the Audit Committee initiated the internal investigation
immediately on August 24, 2021, four days after the Company became
aware of these allegations, with the assistance and advice of
international law firm Cleary Gottlieb Steen & Hamilton
LLP.
Based on the work and procedures carried out under its
supervision, the Audit Committee has concluded that the findings
from the internal investigation do not substantiate the
allegations.
Wangchun Ye, the chairman of the board of directors of the
Company, stated, “We are pleased that the Audit Committee has
completed its internal investigation and we are happy to share the
positive news with our investors. We reiterate our commitment to
maintaining the highest standards of corporate governance, as well
as transparent and timely disclosure in compliance with the
applicable rules and regulations of the United States Securities
and Exchange Commission and the New York Stock Exchange.”
About OneConnect
OneConnect Financial Technology Co. Ltd. is a
technology-as-a-service platform for financial institutions. The
Company integrates extensive financial services industry expertise
with market-leading technology to provide technology applications
and technology-enabled business services to financial institutions.
The integrated solutions and platform the Company provide include
digital retail banking solution, digital commercial banking
solution, digital insurance solution and Gamma Platform, which is a
technology infrastructural platform for financial institutions. The
Company’s solutions enable its customers’ digital transformations,
which help them improve efficiency, enhance service quality, and
reduce costs and risks.
The Company has established long-term cooperation relationships
with financial institutions to address their needs of digital
transformation. The Company has also expanded its services to other
participants in the value chain to support the digital
transformation of financial services eco-system. In addition, the
Company has successfully exported its technology solutions to
overseas financial institutions.
For more information, please visit ir.ocft.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements constitute “forward-looking” statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as “will”, “expects”, “anticipates”,
“future”, “intends”, “plans”, “believes”, “estimates”, “confident”
and similar statements. Such statements are based upon management’s
current expectations and current market and operating conditions
and relate to events that involve known or unknown risks,
uncertainties and other factors, all of which are difficult to
predict and many of which are beyond the Company’s control.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: the
Company’s limited operating history in the technology-as-a-service
for financial institutions industry; its ability to achieve or
sustain profitability; the tightening of laws, regulations or
standards in the financial services industry; the Company’s ability
to comply with the evolving regulatory requirements in the PRC and
other jurisdictions where it operates; its ability to comply with
existing or future laws and regulations related to data protection
or data security; its ability to maintain and enlarge the customer
base or strengthen customer engagement; its ability to maintain its
relationship with Ping An Group, which is its strategic partner,
most important customer and largest supplier; its ability to
compete effectively to serve China’s financial institutions; the
effectiveness of its technologies, its ability to maintain and
improve technology infrastructure and security measures; its
ability to protect its intellectual property and proprietary
rights; risks of defaults by borrowers under the loans for which
the Company provided credit enhancement under its legacy credit
management business; its ability to maintain or expand relationship
with its business partners and the failure of its partners to
perform in accordance with expectations; its ability to protect or
promote its brand and reputation; its ability to timely implement
and deploy its solutions; its ability to obtain additional capital
when desired; litigation and negative publicity surrounding China
-based companies listed in the U.S.; disruptions in the financial
markets and business and economic conditions; the Company’s ability
to pursue and achieve optimal results from acquisition or expansion
opportunities; the duration of the COVID-19 outbreak, including the
emergence of COVID variants, and its potential impact on the
Company’s business and financial performance; and assumptions
underlying or related to any of the foregoing. Further information
regarding these and other risks is included in the Company’s
filings with the SEC. All information provided in this press
release and in the attachments is as of the date of this press
release, and the Company undertakes no obligation to update any
forward-looking statement, except as required under applicable
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20211115005760/en/
Investor Relations: OCFT IR Team OCFT_IR@ocft.com
Media Relations: Amy Ding dingjingmin787@ocft.com
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