OneConnect Shares Jump As It Upsizes Its Buyback Program

  • OneConnect Financial Technology Co., Ltd. OCFT board approved the upsizing of its share repurchase program by 1% of the outstanding shares. 
  • Now OneConnect can purchase its ADSs up to 3% of the outstanding ordinary shares before September 30.
  • Previously the board approved a share repurchase program of up to 2% of the outstanding shares from February 24 to September 30.
  • "The upsize of the share repurchase program demonstrates our continued confidence in our long-term business growth and belief that our ADSs are currently undervalued in the marketplace," Chair Wangchun Ye said.
  • OneConnect held RMB1.7 billion in cash and equivalents as of March 31.
  • OneConnect reported first-quarter FY22 revenue growth of 24.3% year-on-year to RMB1.1 billion.
  • Net loss per ADS was RMB-0.86. 
  • Price Action: OCFT shares traded higher by 29.55% at $1.71 on the last check Wednesday.

Posted In: BriefsNewsPenny StocksBuybacksSmall CapMoversTechTrading Ideas

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.