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OneConnect Announces Second Quarter and First Half 2020 Unaudited Financial Results

08/04/2020

Revenue Growth of 48.4% and Gross Profit of 93.4% in the Second Quarter

SHENZHEN, China--(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 its unaudited financial results for the second quarter and first half ended June 30, 2020.

Second Quarter 2020 Financial Highlights

  • Revenue increased 48.4% year over year to RMB774 million from RMB522 million.
  • Revenue from third-party customers rose 28.9% year over year to RMB287 million from RMB223 million.
  • Gross margin expanded to 38.4% from 29.4%; non-IFRS gross margin1 expanded to 47.5% from 47.4%.
  • Operating loss was RMB361 million, compared with RMB354 million in the prior year period.
  • Net loss attributable to shareholders was RMB331 million, versus RMB340 million in the prior year period.
  • Net loss per share, basic and diluted, was RMB0.32, against RMB0.36 in the prior year period.

First Half 2020 Financial Highlights

  • Revenue increased 39.7% year over year to RMB1,355 million from RMB970 million.
  • Revenue from third-party customers grew 38.5% year over year to RMB557 million from RMB402 million.
  • Gross margin expanded to 36.8% from 29.0%; non-IFRS gross margin1 was 46.8%, compared with 48.3% in the prior year period.
  • Operating loss was RMB806 million, compared with RMB814 million in the prior year period.
  • Net loss attributable to shareholders was RMB746 million, versus RMB755 million in the prior year period.
  • Net loss per share, basic and diluted, was RMB0.72, against RMB0.81 in the prior year period.

In RMB’000, except percentages and per share amounts

 

Three Months Ended

June 30

YoY Change

 

Six Months Ended

June 30

YoY Change

 

2020

 

2019

 

 

 

2020

 

2019

 

Revenue

 

 

 

 

 

 

 

 

Revenue from Ping An Group

 

392,310

233,315

68.1%

 

619,818

438,174

41.5%

Revenue from Lufax

 

95,175

66,028

44.1%

 

178,574

129,953

37.4%

Revenue from third-party customers2

 

286,834

222,569

28.9%

 

556,725

402,057

38.5%

Total

 

774,318

521,912

48.4%

 

1,355,117

970,184

39.7%

Gross profit

 

297,275

153,676

93.4%

 

499,118

281,367

77.4%

Gross margin

 

38.4%

29.4%

 

 

36.8%

29.0%

 

Non-IFRS gross margin1

 

47.5%

47.4%

 

 

46.8%

48.3%

 

Operating loss

 

-360,564

-354,108

 

 

-806,018

-814,473

 

Operating margin

 

-46.6%

-67.8%

 

 

-59.5%

-84.0%

 

Net loss to shareholders

 

-330,934

-339,649

 

 

-745,661

-754,883

 

Net loss per share, basic and diluted

 

-0.32

-0.36

 

 

-0.72

-0.81

 

1 For more details on this non-IFRS financial measure, please see the section entitled “Use of Unaudited Non-IFRS Financial Measures” and the table captioned “Reconciliations of IFRS and Non-IFRS Results (Unaudited)” set forth at the end of this press release.

2 Third-party customers refer to each customer with revenue contribution of less than 5% of our total revenue in the relevant period. These customers are a key focus of the Company’s diversification strategy.

3 Some numbers do not add up due to rounding.

CEO and CFO Comments

Mr. Ye Wangchun, Chairman of the Board and Chief Executive Officer of OneConnect, commented, “I am proud to announce another strong quarter, with a total revenue growth of 48.4% in the second quarter year on year. As a young company, we have shown our ability to develop rapidly. We have established a broad customer base, built a rich product suite and gained recognition for our transaction-based revenue model. This is no mean feat for a business that is not yet five years old. However, this is not the time to rest on our laurels. This is an industry that is constantly evolving. There is a lot more we need to do to further enhance our solutions and strengthen our all-round support to financial institutions. The potential from digital infrastructure is immense and there is no one better placed than OneConnect to take advantage of it.”

Mr. Jacky Lo, Chief Financial Officer of OneConnect, added, “OneConnect’s performance during the quarter reflected the confidence that our customers have in our platform. Our solutions in operation support once again stood out, posting a surge in revenue of 170.7% year-on-year. Gross margins expanded by 8.9 ppt year over the year to 38.4%. Thanks to the emphasis we have placed on cost discipline and efficiency, as well as the scalability of our business, the operating loss continued to narrow, to 46.6% as percentage of revenue, down from 67.8% in the previous year. We are in a dynamic industry and in a position of strength. Our determination and opportunities in technological transformation will continue to propel the company forward.”

Operational Highlights

  • Retail loans processed was RMB20.6 billion in the second quarter, as compared to RMB22.2 billion for the same period in the prior year.
  • SME loans processed was RMB8.4 billion in the second quarter, as compared to RMB10.8 billion for the same period in the prior year.
  • Number of fast claims checks was 1.4 million in the second quarter, as compared to 1.0 million for the same period in the prior year.

Revenue Breakdown

In RMB’000, except percentages

 

Three Months Ended

June 30

YoY Change

 

Six Months Ended

June 30

YoY Change

 

2020

2019

 

 

2020

2019

 

Implementation revenue

 

215,902

125,897

71.5%

 

355,284

220,209

61.3%

Transaction-based and support revenue

 

 

 

 

 

 

 

 

Business origination services

 

146,585

181,710

-19.3%

 

327,162

358,537

-8.8%

Risk management services

 

72,360

94,130

-23.1%

 

154,437

180,130

-14.3%

Operation support services

 

287,699

106,262

170.7%

 

452,132

172,522

162.1%

Post-implementation support services

 

15,201

6,470

134.9%

 

19,924

21,064

-5.4%

Others

 

36,571

7,443

391.3%

 

46,178

17,722

160.6%

Total

 

558,416

396,015

41.0%

 

999,833

749,975

33.3%

Total

 

774,318

521,912

48.4%

 

1,355,117

970,184

39.7%

Revenue for the second quarter of 2020 increased by 48.4% to RMB774 million from RMB522 million in the prior year period. As a breakdown, revenue from operation support services surged by 170.7% year over year to RMB288 million in the second quarter as demand from AI customer service and roadside assistance management continued to pick up. The segment was the biggest driver to transaction-based and support revenue, which grew by 41.0% to RMB558 million.

Retail loan volume processed by the Company’s systems during the quarter amounted RMB20.6 billion compared with RMB22.2 billion in the prior year, while the amount of SME loans processed totaled RMB8.4 billion as compared to RMB10.8 billion in the prior year, because of a drop in pre-lending check and lending activities due to greater caution among banking customers due to Covid-19. The decreases in retain loan volume and SME loan volume contributed to the decreases in revenue from business origination services and risk management services for the second quarter of 2020 compared to the prior year period. Total fast claims checks carried out during the quarter rose to 1.4 million from 1.0 million in the prior year, benefiting from an increase in new customers.

Second Quarter 2020 Financial Results

Revenue

Revenue for the second quarter of 2020 increased by 48.4% to RMB774 million from RMB522 million in the prior year period, primarily driven by more demand for solutions in operation support.

Cost of Revenue

Cost of revenue for the second quarter of 2020 was RMB477 million, compared with RMB368 million in the prior year period, as scale of the business grew.

Gross Profit

Gross profit for the second quarter of 2020 increased by 93.4% to RMB297 million from RMB154 million in the prior year period. Gross margin expanded to 38.4%, compared with 29.4% in the prior year period, due to the end of amortization of intangible assets related to application and platform relating to revenue generation contributed by Ping An Group at inception, as well as lower channel fees and labor costs. Non-IFRS gross margin was 47.5%, compared with 47.4% in the prior year period. The non-IFRS gross margin remained relatively flat on change of product mix, with less revenue contribution from higher-margin risk management solutions, offsetting the boost from improvement in individual lines. For a reconciliation of the Company’s IFRS and non-IFRS gross margin, please refer to “Reconciliation of IFRS and Non-IFRS Results (Unaudited).”

Operating Loss and Expenses

Total operating expenses for the second quarter of 2020 amounted to RMB686 million, compared with RMB496 million in the prior year period. As a percentage of revenue, total operating expenses decreased to 88.5% from 94.9%.

  • Research and Development expenses for the second quarter of 2020 totaled RMB289 million, compared with RMB174 million in the prior year period, as some project investments and launches were delayed to second quarter from first quarter due to Covid-19. As a percentage of revenue, R&D expenses increased to 37.3% from 33.4% in the prior year period.
  • Selling and Marketing expenses for the second quarter of 2020 were RMB165 million, slightly less than RMB166 million in the prior year period, as the increase in employee benefits from a bigger headcount got offset by better cost control. As a percentage of revenue, selling and marketing expenses decreased to 21.4% from 31.8% for the prior year period, reflecting the scale benefit.
  • General and Administrative expenses for the second quarter of 2020 were RMB194 million, compared with RMB153 million in the prior year period, primarily due to an increase in professional service fees. As a percentage of revenue, general and administrative expenses decreased to 25.0% from 29.4% in the prior year, reflecting the scale benefit.
  • Net impairment losses on financial and contract assets for the second quarter of 2020 were RMB37 million, compared with RMB2 million in the prior year period, primarily due to an increase in provision in response to longer payment period. As a percentage of revenue, net impairment losses increased to 4.8% from 0.4%.

Loss from operations for the second quarter of 2020 was RMB361 million, compared with RMB354 million for the prior year period. Operating loss margin decreased to 46.6% from 67.8% in the prior year period.

Net Loss

Net loss attributable to OneConnect’s shareholders totaled RMB331 million, versus RMB340 million for the prior year period. Net loss attributable to OneConnect’s shareholders per basic and diluted share was RMB0.32, versus RMB0.36 for the prior year period.

For the quarter ended June 30, 2020, the Company’s weighted average number of shares used in calculating per share net loss was 1,041,709,064. Number of outstanding shares as of June 30, 2020 was 1,107,880,664.

First Half 2020 Financial Results

Revenue

Revenue for the first half of 2020 increased by 39.7% to RMB1,355 million from RMB970 million in the prior year period, primarily driven by revenue from operation support.

Cost of Revenue

Cost of revenue for the first half of 2020 was RMB856 million, compared with RMB689 million in the prior year period, as scale of the business grew.

Gross Profit

Gross profit for the first half of 2020 rose by 77.4% to RMB499 million from RMB281 million in the prior year period. Gross margin expanded to 36.8%, compared with 29.0% in the prior year period, principally due to the end of amortization of intangible assets related to application and platform relating to revenue generation contributed by Ping An Group at inception. Non-IFRS gross margin totaled 46.8% in the first half of 2020, compared with 48.3% in the prior year period, mainly attributable to a drop in higher-margin risk management services. For a reconciliation of the Company’s IFRS and non-IFRS gross margin, please refer to “Reconciliation of IFRS and Non-IFRS Results (Unaudited).”

Operating Loss and Expenses

Total operating expenses for the first half of 2020 amounted RMB1,294 million, compared with RMB1,019 million in the prior year period. As a percentage of revenue, total operating expenses decreased to 95.5% from 105.0%.

  • Research and Development expenses for the first half of 2020 were RMB529 million, compared with RMB443 million in the prior year period, led by an increase in technology service fees. As a percentage of revenue, R&D expenses decreased to 39.0% from 45.7% in the prior year period, reflecting a better scale.
  • Selling and Marketing expenses for the first half of 2020 totaled RMB321 million, compared with RMB279 million in the prior year period, predominantly due to a rise in employee benefits as a result of a bigger headcount. As a percentage of revenue, selling and marketing expenses fell to 23.7% from 28.8% for the prior year period.
  • General and Administrative expenses for the first half of 2020 amounted to RMB387 million, compared with RMB293 million in the prior year period, predominantly due to an increase in employee benefits and professional service fees. As a percentage of revenue, general and administrative expenses decreased to 28.5% from 30.2% in the prior year period.
  • Net impairment losses on financial and contract assets for the first half of 2020 were RMB58 million, compared with RMB3 million in the prior year period, primarily due to an increase in provision in response to longer payment period. As a percentage of revenue, net impairment losses increased to 4.3% from 0.3%.

Loss from operations for the first half of 2020 decreased to RMB806 million from RMB814 million for the prior year period. Operating loss margin fell to 59.5% from 84.0% in the prior year period.

Net Loss

Net loss attributable to OneConnect’s shareholders decreased to RMB746 million from RMB755 million for the prior year period. Net loss attributable to OneConnect’s shareholders per basic and diluted share was RMB0.72, versus RMB0.81 for the prior year period.

For the six months ended June 30, 2020, the Company’s weighted average number of shares used in calculating per share net loss was 1,040,954,778.

Cash Flow

For the six months ended June 30, 2020, net cash used in operating activities was RMB1,121 million. Net cash generated from investing activities was RMB1,242 million, as scale of onshore borrowing using offshore pledges reduced and as a result restricted cash balance decreased. Net cash used in financing activities was RMB672 million, as scale of onshore borrowing using offshore pledge reduced and repayment of short-term loan increased.

Conference Call Information

Date/Time

Tuesday, August 4, 2020 at 9:00 p.m., U.S. Eastern Time

Wednesday, August 5, 2020 at 9:00 a.m., Beijing Time

Dial-in Number

U.S.:

Hong Kong:

China Domestic:

1-877-791-0217

852-58030358

400-043-3098

Conference ID

1458787

An archived recording and the transcript of the conference call will be available at OneConnect’s investor relations website at ir.ocft.com.

About OneConnect

OneConnect is a leading technology-as-a-service platform for financial institutions in China. The Company’s platform provides cloud-native technology solutions that integrate extensive financial services industry expertise with market-leading technology. The Company’s solutions provide technology applications and technology-enabled business services to financial institutions. Together they enable the Company’s customers’ digital transformations, which help them increase revenue, manage risks, improve efficiency, enhance service quality and reduce costs.

Our technology-as-a-service platform strategically covers multiple verticals in the financial services industry, including banking, insurance and asset management, across the full scope of their businesses – from sales and marketing and risk management to customer services, as well as technology infrastructure such as data management, program development, and cloud services.

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.

Use of Unaudited Non-IFRS Financial Measures

The unaudited consolidated financial information is prepared in accordance with International Financial Reporting Standards (IFRS). Non-IFRS measures are used in gross profit and gross margin, adjusted to exclude non-cash items, which consist of amortization of intangible assets recognized in cost of revenue, depreciation of property and equipment recognized in cost of revenue, and share-based compensation expenses recognized in cost of revenue. OneConnect’s management regularly review non-IFRS gross profit and non-IFRS gross margin to assess the performance of our business. By excluding non-cash items, these financial metrics allow OneConnect’s management to evaluate the cash conversion of one dollar revenue on gross profit. OneConnect uses these non-IFRS financial to evaluate our ongoing operations and for internal planning and forecasting purposes. OneConnect believes that non-IFRS financial information, when taken collectively, is helpful to investors because it provides consistency and comparability with past financial performance, facilitates period-to-period comparisons of results of operations, and assists in comparisons with other companies, many of which use similar financial information. OneConnect also believes that presentation of the non-IFRS financial measures provides useful information to its investors regarding its results of operations because it allows investors greater transparency to the information used by OneConnect’s management in its financial and operational decision making so that investors can see through the eyes of the OneConnect’s management regarding important financial metrics that the management uses to run the business as well as allowing investors to better understand OneConnect’s performance. However, non-IFRS financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with IFRS, and may be different from similarly-titled non-IFRS measures used by other companies. In light of the foregoing limitations, you should not consider non-IFRS financial measure in isolation from or as an alternative to the financial measure prepared in accordance with IFRS. Whenever OneConnect uses a non-IFRS financial measure, a reconciliation is provided to the most closely applicable financial measure stated in accordance with IFRS. You are encouraged to review the related IFRS financial measures and the reconciliation of these non-IFRS financial measures to their most directly comparable IFRS financial measures. For more information on non-IFRS financial measures, please see the table captioned “Reconciliations of IFRS and non-IFRS results (Unaudited)” set forth at the end of this press release.

ONECONNECT

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

Three Months Ended

June 30

 

Six Months Ended

June 30

 

2020

2019

 

2020

2019

 

RMB'000

RMB'000

 

RMB'000

RMB'000

 

 

 

 

Revenue

 

774,318

521,912

 

1,355,117

970,184

Cost of revenue

 

-477,043

-368,236

 

-855,999

-688,817

Gross profit

 

297,275

153,676

 

499,118

281,367

 

 

 

 

 

 

Research and development expenses

 

-288,913

-174,187

 

-528,515

-442,994

Selling and marketing expenses

 

-165,423

-165,913

 

-321,038

-279,466

General and administrative expenses

 

-193,799

-153,333

 

-386,758

-292,936

Net impairment losses on financial and contract assets

 

-37,425

-2,104

 

-58,147

-3,355

Other income, gains or loss-net

 

27,721

-12,247

 

-10,678

-77,089

Operating loss

 

-360,564

-354,108

 

-806,018

-814,473

 

 

 

 

 

 

Finance income

 

14,387

29,167

 

41,994

62,231

Finance costs

 

-39,356

-41,265

 

-84,414

-90,894

Finance costs – net

 

-24,969

-12,098

 

-42,420

-28,663

Share of losses of associate and joint venture

 

-1,587

-3,477

 

-5,226

-5,727

Loss before income tax

 

-387,120

-369,683

 

-853,664

-848,863

 

 

 

 

 

 

Income tax benefit

 

41,792

28,604

 

75,248

90,978

 

 

 

 

 

 

Loss for the period

 

-345,328

-341,079

 

-778,416

-757,885

 

 

 

 

 

 

Loss attributable to:

 

 

 

 

 

 

- Owners of the Company

 

-330,934

-339,649

 

-745,661

-754,883

- Non-controlling interests

 

-14,394

-1,430

 

-32,755

-3,002

 

 

 

 

 

 

Other comprehensive income, net of tax

 

 

 

 

 

 

Items that may be subsequently reclassified to profit or loss

 

 

 

 

 

 

- Foreign currency translation differences

 

-5,906

109,603

 

112,654

-1,970

- Changes in the fair value of debt instruments at fair value through other comprehensive income

 

-142

 

-40

Total comprehensive loss for the period

 

-351,376

-231,476

 

-665,802

-759,855

 

 

 

 

 

 

Total comprehensive loss attributable to:

 

 

 

 

 

 

- Owners of the Company

 

-336,982

-230,046

 

-633,047

-756,853

- Non-controlling interests

 

-14,394

-1,430

 

-32,755

-3,002

 

 

 

 

 

 

Loss per share attributable to owners of the Company

 

 

 

 

 

 

(expressed in RMB per share)

 

 

 

 

 

 

- Basic and diluted

 

-0.32

-0.36

 

-0.72

-0.81

ONECONNECT

CONSOLIDATED BALANCE SHEETS

(Unaudited)

June 30

December 31

2020

2019

RMB'000

RMB'000

 

ASSETS

Non-current assets

Property and equipment

251,038

314,505

Intangible assets

905,711

976,948

Deferred tax assets

496,484

423,786

Investment accounted for using the equity method

176,114

118,829

Financial assets at fair value through other comprehensive income

5,000

393,448

Contract assets

45,662

40,998

Total non-current assets

1,880,009

2,268,514

 

 

Current assets

 

 

Trade receivables

987,434

710,123

Contract assets

246,971

211,276

Prepayments and other receivables

461,992

528,277

Financial assets at fair value through profit or loss

1,760,986

1,690,967

Derivative financial assets

37,029

-

Placements with financial institutions

512,006

-

Restricted cash

2,492,559

3,440,289

Cash and cash equivalents

535,122

1,077,875

Total current assets

7,034,099

7,658,807

Total assets

8,914,108

9,927,321

 

 

EQUITY AND LIABILITIES

 

 

Equity

 

 

Share capital

74

73

Shares held for share option scheme

-88,280

-88,280

Other reserves

8,842,225

8,461,637

Accumulated losses

-4,748,979

-4,003,318

Equity attributable to equity owners of the Company

4,005,040

4,370,112

 

 

Non-controlling interests

117,674

150,429

 

 

Total equity

4,122,714

4,520,541

 

 

LIABILITIES

 

 

Non-current liabilities

 

 

Trade and other payables

301,556

420,873

Contract liabilities

18,047

12,700

Deferred tax liabilities

26,689

33,291

Total non-current liabilities

346,292

466,864

 

 

Current liabilities

 

 

Trade and other payables

1,442,873

1,075,576

Payroll and welfare payables

446,617

538,132

Contract liabilities

110,974

104,960

Short-term borrowings

2,438,611

3,218,566

Customer deposits

6,027

-

Derivative financial liabilities

-

2,682

Total current liabilities

4,445,102

4,939,916

Total liabilities

4,791,394

5,406,780

 

 

Total equity and liabilities

8,914,108

9,927,321

ONECONNECT

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Six Months Ended

June 30

2020

2019

RMB'000

RMB'000

 

Net cash generated from / (used in) operating activities

-1,121,085

-1,027,222

Net cash generated from / (used in) investing activities

1,241,873

2,026,597

Net cash generated from / (used in) financing activities

-672,097

-522,837

Net increase / (decrease) in cash and cash equivalents

-551,309

476,538

Cash and cash equivalents at the beginning of the period

1,077,875

565,027

Effects of exchange rate changes on cash and cash equivalents

8,556

7,351

Cash and cash equivalents at the end of period

535,122

1,048,916

ONECONNECT

RECONCILIATION OF IFRS AND NON-IFRS RESULTS

(Unaudited)

 

Three Months Ended

June 30

 

Six Months Ended

June 30

 

2020

2019

 

2020

2019

 

RMB'000

RMB'000

 

RMB'000

RMB'000

 

 

 

 

Gross profit

 

297,275

153,676

 

499,118

281,367

Gross margin

 

38.4%

29.4%

 

36.8%

29.0%

Non-IFRS adjustment

 

 

 

 

 

 

Amortization of intangible assets recognized in cost of revenue

 

69,103

92,804

 

132,708

185,563

Depreciation of property and equipment recognized in cost of revenue

 

959

464

 

1,726

765

Share-based compensation expenses recognized in cost of revenue

 

606

498

 

1,315

1,108

Non-IFRS gross profit

 

367,943

247,442

 

634,867

468,803

Non-IFRS gross margin

 

47.5%

47.4%

 

46.8%

48.3%

 

Investor Relations:
Patricia Cheng
patricia.cheng@ocft.com

Media Relations:
Ying Zhou
zhouying150@ocft.com

Source: OneConnect Financial Technology Co., Ltd.

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