OneConnect Provides Update on Status Under Holding Foreign Companies Accountable Act
April 12 2022 - 11:30PM
Business Wire
OneConnect Financial Technology Co., Ltd. (“OneConnect” or the
“Company”) (NYSE: OCFT), a leading technology-as-a-service provider
for financial institutions in China, today announced that the
Company is aware of the fact that it was identified by the United
States Securities and Exchange Commission (the "SEC") under the
Holding Foreign Companies Accountable Act of the United States (the
"HFCAA") on April 12, 2022. Such identification may have resulted
from the Company's filing of the annual report on Form 20-F for the
fiscal year ended December 31, 2021.
The Company understands the SEC made such identification
pursuant to the HFCAA and its implementation rules issued
thereunder, and the identification indicates that the SEC
determines that the Company used an auditor, whose working paper
cannot be inspected or investigated completely by the PCAOB, to
issue the audit opinion for its financial statements for the fiscal
year ended December 31, 2021.
In accordance with the HFCAA, a company will be delisted from a
U.S. stock exchange if such company has been identified by the SEC
for three consecutive years due to PCAOB's inability to inspect the
auditor working paper related to such company.
The Company has been actively exploring possible solutions to
best protect the interest of its stakeholders. On February 28,
2022, the Company submitted a listing application to the Hong Kong
Stock Exchange (“HKEX”) for dual primary listing of its ordinary
shares on the Main Board of the HKEX. The Company will continue to
comply with applicable laws and regulations in both China and the
United States.
About OneConnect
OneConnect Financial Technology Co. Ltd. is a
technology-as-a-service provider 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 provides 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 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; 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 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/20220412006188/en/
Investor Relations: OCFT IR Team OCFT_IR@ocft.com
Media Relations: Amy Ding Dingjingmin787@ocft.com
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