Oneping, a financial technology service cloud platform under Ping An of China, submitted application documents in the United States and will conduct a US $ 500 million IPO with a valuation that is much lower than expected. According to filings with the US SEC on December 2, OneConnect is selling 36 million ADSs at an issue price of $ 12 to $ 14 per share. Several banks including Goldman Sachs, JP Morgan Chase and Morgan Stanley participated in the IPO. Trading will begin on the New York Stock Exchange on December 13 under the symbol OCTF. According to calculations, this transaction puts OneConnect at a valuation of between $ 4.4 billion and $ 5.2 billion, a significant drop from the $ 7.5 billion valuation in February 2018, when it raised 6.5 from investors including SoftBank and SBI Group One hundred million U.S. dollars. Earlier in September, Ping An's fintech service cloud platform, OneConnect, changed its listing IPO listing location from Hong Kong to New York, and planned to go to the US for a higher valuation.