DLA Piper Advised Ping An's Subsidiary in Privatization of OneConnect
DLA Piper Advised Ping An's Subsidiary in Privatization of OneConnect
DLA Piper has advised Bo Yu Limited, a subsidiary of its long-standing client Ping An, on the privatization of OneConnect Financial Technology Co., Ltd. (OneConnect) by way of a scheme of arrangement (under Section 86 of the Companies Act of the Cayman Islands); and the withdrawal of OneConnect's listing from the Hong Kong Stock Exchange and the New York Stock Exchange, involving a transaction consideration of USD217 million. Following completion of the transaction, OneConnect has become a wholly-owned subsidiary of Ping An.
This is a landmark transaction which represents the first privatization of a Cayman Islands–incorporated company to delist concurrently from both the Hong Kong Stock Exchange and the New York Stock Exchange since 2010. The privatization involved complex coordination across multiple jurisdictions, regulatory regimes, and capital markets.
OneConnect is a 'technology-as-a-service' provider for the financial services industry in China, with an expanding international presence. It provides integrated technology solutions to financial institutional customers in both the PRC and overseas, including digital banking solutions and digital insurance solutions.
Commenting on the transaction, Roy Chan said: “This landmark privatization underscores our deep expertise in cross-border capital markets and complex corporate transactions. The deal not only represents a significant milestone for OneConnect and its controlling shareholder, but also highlights the evolving landscape for Chinese fintech companies navigating global regulatory and market dynamics. DLA Piper’s ability to coordinate across multiple jurisdictions and regulatory frameworks was critical in helping our client achieve a successful outcome.”
DLA Piper has been a trusted advised of Ping An for over 25 years. In the past 6 months the firm has advised Ping An subsidiary Yun Chen Capital Cayman on a landmark M&A transaction in China, and Ping An Insurance on its HKD11.765 billion convertible bond issuance.
The DLA Piper team was led by Roy Chan (Senior Partner) and Vivian Liu (Co-Country Managing Partner/China, Head of Capital Market Compliance for Greater China ) and James Chang ( Partner/Corporate). They were supported by of Shuting Lu (Counsel) and Daina Wang (Consultant) and Hao Guo (Consultant).
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