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BEIJING, August 18 (TMTPOST)  -- China PingAn Group's Technology-as-a-Service provider for financial institutions OneConnect Financial Technology Co. Ltd. announced its first performance after its dual primary listing in Hong Kong on Thursday.

The company's revenues reached 2.153 billion yuan (US$318.4 million) for the first half of 2022, an increase of 20.4% from the same period last year. Operating loss for the first half was 633 million yuan (US$93.6 million), with an operating margin of -29.4%, compared to -41.5% in the same period last year.

Excluding the impact of listing expenses related to the Hong Kong IPO this year, losses attributable to shareholders were 494 million yuan (US$73 million), compared to a loss of 654 million ($96.73 million)  in the same period in 2021. The Company reported a net loss of RMB 1.53 per ($0.23) American Depositary Share (ADR) for the first half of the year, compared to a loss of RMB 1.77 ($0.26) per share in the same period last year. Each ADR share represents three Hong Kong ordinary shares.

The company's revenue increased by 20% year-on-year in the first half of the year, mainly due to an 18.4% year-on-year increase in revenues gained from the technology solutions business segment to 2.107 billion yuan ($311.62 million). In particular, the continued digital transformation of its parent company China PingAn Group drove a 50.3% year-over-year surge in revenue gained from the company's cloud services platform solutions to 665 million yuan ($98.35 million).

PingAn OneConnect Bank (Hong Kong) Limited (PAOB), the Hong Kong virtual bank launched by Ping An OneConnect Bank (Hong Kong) Limited in 2020, saw its total revenue increase more than 5 times year on year to 45.7 million yuan ($6.76 million) in the first half of this year, and its loans and advances to customers grew more than 2.3 times year-on-year to HK$1.7 billion ($216.75 million).

OneConnect has been listed in Hong Kong since July this year and achieved dual primary listing status. The company disclosed on the evening of Wednesday that as of Tuesday, nearly 46.38 million yuan ($6.86 million) shares had been converted from American Depositary Shares (ADRs) to shares traded in Hong Kong, with another approximately 133,000 shares to be moved, for a total of approximately 46.518 million yuan ($6.88 million) shares in the above ADRs, representing 3.98% of the company's total issued shares.

As of Tuesday, a total of 503 million shares of OneConnect were registered on the Hong Kong register of shareholders, accounting for 43% of the total number of issued shares.

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