Ping An Financial OneConnect is preparing to go public in the United States, and has implemented blockchain in 5 industries
according toaccording toForeign media MorningStar reported
On November 13, US Eastern Time, OneConnect Financial Technology Co., Ltd. (Financial OneConnect), a subsidiary of China Ping An, submitted an application for an IPO in the form of American Depository Shares (ADS) to the US Securities and Exchange Commission.
Subsequently, Ping An of China issued an announcement stating that the associated company, OneConnect, has submitted a registration form for the proposed initial public offering and listing of American depositary shares (representing common shares of OneConnect) on Nasdaq or the New York Stock Exchange. However, the registration form has not yet been declared effective by the SEC.Since the beginning of this year, there have been constant rumors about the listing of OneConnect. The most recent one occurred on September 23 this year.The media knew about the IPO early, Financial OneConnect plans to go public in the United States in mid-November, and has changed its plan to conduct an IPO in Hong Kong at the beginning of this year.It is said that OneConnect is valued at US$8 billion and plans to list in Hong Kong and raise about US$1 billion.
according to
according toProspectusProspectus
The content, the stock trading code that OneConnect intends to apply for is "OCFT", and it is expected to raise US$100 million through this IPO. Morgan Stanley, Goldman Sachs, JP Morgan Chase, Ping An Securities, Bank of America Securities, HSBC, CLSA and KeyBanc Capital Markets are underwriters for the IPO.According to the prospectus, the income of OneConnect is fromRMB 581.9 million in 2017(approximately US$81.4 million) grew toRMB 1,413.5 million in 2018(approximately US$197.8 million), an increase of 142.9%.
For the first three quarters of 2019 (the nine months ended September 30, 2019), OneConnect's revenue was RMB 1,554.9 million (approximately US$217.5 million).In 2017, 2018 and the first three quarters of 2019, OneConnect’s net losses were RMB 607 million, RMB 1.1903 billion (US$166.5 million) and RMB 1.049 billion (US$146.8 million), respectively.
In 2017, 2018 and the first nine months of 2019, the ratio of net losses to total revenue was 104.3%, 84.2% and 67.5%, respectively.It is worth noting that the prospectus data also shows that,In 2017, the net expansion rate of customers was 800%, among which the net expansion rate of high-end customers (premium customers) was 456%;
In 2018, the net expansion rate of customers was 224%, and the net expansion rate of high-end customers was 167%.
According to the data in the prospectus, the current OneConnect team has a total of 2,695 people, including 1,437 research and development personnel.
secondary title
Unicorns are keen on blockchain and launch One Account Chain
Financial OneConnect was established in December 2015 by integrating the three major businesses of Ping An OneConnect, Qianhai Credit Information and Bank OneConnect.At present, based on technologies such as artificial intelligence, blockchain, and big data analysis, it provides financial institutions with financial technology products in many scenarios such as channels, products, risk control, services, and operations.
According to reports, its customer base includes all major banks in China, 99% of city commercial banks and 46% of insurance companies. In the "2017 China Unicorn Enterprise Development Report", OneConnect, which mainly provides technical services such as cloud computing for small and medium-sized financial institutions, ranked 13th.
As a unicorn company under Ping An, OneConnect attaches great importance to blockchain technology.
At the end of March this year, among the first batch of domestic blockchain information service filing companies announced by the Internet Information Office of the People’s Republic of China, China’s Ping An has a total of five major blockchain services on the list. Tianjin port blockchain cross-border trade platform has two blockchain services.
It is understood that the underlying framework of One Account Chain was originally inspired by Hyperledger Fabric. According to the official website of One Account Chain, the FiMAX S3C framework has a number of self-developed leading blockchain technologies, which are low latency, high TPS, friendly and easy to use. The characteristic fully encrypted blockchain framework can support rich business scenarios and has been implemented in multiple projects.Currently, the FiMAX S3C framework of OneChain includes four major modules: Cathaya encryption module, Concord management system, Core high-performance bottom layer, and Sparrow interactive components.
Sparrow privacy middleware guarantees data privacy security, Core high-performance bottom layer improves throughput, and Concord one-click deployment and management platform optimizes user experience.
Cathaya encryption module
Field-level encryption: All data is controlled by one text and one secret, realizing field-level encryption, authorization, control, calculation and verification; 3D zero-knowledge proof algorithm: verifying encrypted data with fully homomorphic relations under zero-knowledge, encryption and verification consume The average time is less than 3 milliseconds (single CPU), avoiding the inefficiency and security trust problems of "multi-party secure computing" and "trusted encryption" schemes.
Concord Management System
Supports rapid remote deployment of nodes; implements enterprise-level identity authentication in accordance with the CA standard of the National Bureau of Secrets; when authorized by the enterprise, the blockchain browser is used to visually display the business information on the chain.
Core high-performance bottom layer
Under the environment of the national secret algorithm, 24 cores can reach an average of 19,000+TPS for a single chain; the transaction response time is less than 0.01 second; self-developed national secret acceleration technology, under a single-core CPU, the SM2 algorithm can complete 28,000 signature verifications per second.
Sparrow Interactive Components
Combining ISO20022 and UN/EDIFACT standards and project experience, sort out multiple sets of industry standard APIs; support cross-chain between different blockchain platforms, blockchain platforms and non-blockchain platforms.Wang Menghan, product leader and senior product director of the blockchain team of Ping An Financial OneConnect, once said at the Blockchain Technology Development Forum (GBF):
"Currently, the three major bottlenecks encountered in the implementation of blockchain applications are data privacy issues, system dominance disputes, and performance dilemmas."
OneChain is also designed around solving the bottlenecks of these three blockchains.In response to data privacy issues, OneConnect encrypts and uploads all data, but at the same time takes efficiency into consideration.
Field-level encryption controls allow encrypted uploads to be visible to specific individuals. 3D zero-knowledge proof allows data to be calculated under encryption, and the verification of calculation results can also be performed under ciphertext, with a delay of within 3.5 milliseconds.In response to the dispute over system dominance, Wang Menghan introduced
What OneChain is doing is a network, which is only responsible for connecting all parties. At the same time, enterprises can deploy all nodes locally to ensure the enterprise's own dominance over data.Ping An blockchain proposes a smart block solution. That is, the block size can be intelligently adjusted, and any one or several transactions can be packaged at any time, no longer limited by the number of transactions and time.
secondary title
Landed in five industries
With mature technology, in which scenarios can blockchain be applied? In fact, Onechain has already made several attempts:
IFAB Blockchain Smart Trade Finance Network
The IFAB trade finance network utilizes the fully encrypted blockchain framework of One Account Chain to reduce the concerns of all parties about data privacy, and helps financial institutions prevent trade fraud and excess financing through multi-party information cross-validation. In the future, the IFAB trade finance network will also seamlessly connect with the asset securitization (ABS) platform, and the blockchain will be used to record the full life cycle information of ABS products.
Tianjin Port Blockchain Verification Pilot Project
The project selects two business scenarios of air freight and sea freight at Tianjin Port as pilots. Shenzhen OneConnect Intelligent Technology Co., Ltd. mainly connects general air freight and B-class express mail, and uses blockchain technology to automatically generate important documents in cross-border customs clearance, reducing operations. Costs and Risk of Fraud.
HKMA International eTradeConnect Trade Finance Network
Provide the Hong Kong Monetary Authority with the design, development and deployment of an international trade financing network. The platform uses blockchain technology to help digitize trade documents and automate processes to reduce risks, improve bank lending capabilities and support SME service capabilities.
ALFA Smart ABS Platform
The ALFA intelligent ABS platform uses blockchain technology to penetrate the underlying assets, realize the openness and authenticity of asset information, and all participants can encrypt and share in real time, and monitor the historical information and real-time performance of assets throughout the process.
Chow Tai Fook Diamond Theft Insurance Project
The project applies blockchain technology to the field of property insurance, uses the characteristics of blockchain that cannot be tampered with and anonymous information sharing, synchronizes the target information such as the "digital asset identity" of natural diamonds, and changes the authenticity of traditional valuable targets that must be physically verified offline. The fake and valuable process improves the efficiency of insurance and claims settlement for natural diamonds. The blockchain's true record of diamond circulation can help insurance companies reduce the risk of fraudulent insurance, help diamond companies increase product value, and help end customers master more diamond information and increase asset value.
Foton ALL-Link
Based on the real trade background, the system adopts an information system, utilizes OneConnect blockchain technology, and cooperates with electronic signature technology to digitize the non-standard "accounts receivable" certificate (Fujintong digital certificate). On the one hand, it can help Foton Motor achieve reasonable and efficient fund management; on the other hand, blockchain technology can realize multi-layer penetration of digital certificates, penetrate the credit of core enterprises to second- and third-tier enterprises, and improve the success rate of financing of chain enterprises .
By connecting IoT sensors and other devices, the collected environmental data is recorded in the blockchain to ensure that the data is authentic and cannot be tampered with. Through zero-knowledge proof, environmental data can be monitored and early-warned throughout the entire process without decrypting the data. Regulators can formulate more reasonable environmental governance plans through early warning and analysis of real data. Through the data provided by IoT devices, regulatory rating agencies can rate companies for environmental protection and try to introduce an environmental assessment mechanism. Companies with higher environmental ratings are more likely to obtain financing from banks.
also,also,According to "Securities Daily"
