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Ping An Insurance's fintech unit cuts size, price range of US IPO

OneConnect Financial Technology Co. Ltd. revised the price range for its IPO of American depositary shares, or ADSs, to between US$9 per share to US$10 per share, down from a previously estimated range of US$12 per share to US$14 per share.

The financial technology unit of Ping An Insurance (Group) Co. of China Ltd. also cut the offering size to 26 million ADSs, or 29.9 million ADSs if the underwriters exercise their overallotment option in full, according to prospectus filed with the U.S. SEC. It previously proposed to offer 36 million ADSs, or 41.4 million ADSs when the overallotment option is included.

The company expects to raise net proceeds of roughly US$232.7 million, or about US$268.2 million if the underwriters exercise their 30-day overallotment option in full, assuming an IPO price of US$9.5 per share, the midpoint of the new indicative price range.

Morgan Stanley & Co. LLC, Goldman Sachs (Asia) LLC, J.P. Morgan Securities LLC, Ping An of China Securities (Hong Kong) Co. Ltd., BofA Securities Inc. and HSBC Securities (USA) Inc. are acting as underwriters for the offering.