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, responded today to certain allegations made online about the company.
The company first became aware of these allegations through an anonymous whistleblower complaint on August 20, 2021, which contained several unsubstantiated allegations, including the fact that the company’s audited financial statements contained material misstatement.
The company carefully examined the whistleblower complaint. Based on its review and evaluation, the company strongly rejects these defamatory and unfounded allegations.
However, in order to give our shareholders additional security against these allegations, the company’s independent audit committee took immediate action and initiated a thorough investigation of the allegations raised in the whistleblower complaint by August 24, 2021. All allegations and Cleary Gottlieb Steen & Hamilton LLP Appointed as an external advisor to advise the Audit Committee.
On August 25, 2021, the company reported the incident to the Shenzhen police and is cooperating with the police investigation. Our company will take appropriate legal action against any public dissemination of false statements and reserves the right to refute the allegations.
The company is committed to the highest standards of corporate governance and transparent and timely disclosure in accordance with the applicable rules and regulations of the United States Securities and Exchange Commission and the New York Stock Exchange.
OneConnect is a leading technology-as-a-service platform for financial institutions in China. The company’s platform offers cloud-native technology solutions that combine extensive expertise in the financial services industry with market-leading technology. The company’s solutions provide technology applications and technology-enabled business services to financial institutions. Together they enable the digital transformation of the company’s customers, which will help them increase sales, manage risks, improve efficiency, improve service quality and reduce costs.
The company’s technology-as-a-service platform strategically covers multiple industries in the financial services industry, including banking, insurance, and asset management, across the full range of business – from sales and marketing and risk management to customer service and technology infrastructure such as data management, program development and Cloud services.
Please visit ir.ocft.com for more information.
Safe Harbor Statement
This release 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 US Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified using terminology such as “will ”,“ Expects ”,“ anticipates ”,“ future ”,“ intends ”,“ planet ”,“ believes ”,“ estimates ”,“ confident ”and similar statements. Such statements are based on management’s current expectations and current market and operating conditions and address 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 control of the company. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those expressed in forward-looking statements, including but not limited to the following: the company’s limited history of operations in the technology-as-a-service industry for financial institutions; its ability to achieve or maintain profitability; the tightening of laws, regulations or standards in the financial services industry; the company’s ability to meet evolving regulatory requirements in the PRC and other jurisdictions in which it operates; its ability to comply with existing or future laws and regulations on data protection or data security; its ability to maintain and grow the customer base or increase customer engagement; its ability to maintain its relationship with the Ping An Group, which is its strategic partner, key 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 technological infrastructure and security measures; its ability to protect its intellectual property and property rights; Borrower default risks associated with the loans for which the entity has provided credit enhancements under its previous credit management business; its ability to maintain or develop relationships with its business partners and its partners’ failure to meet expectations; its ability to protect or promote its brand and reputation; its ability to implement and deliver its solutions in a timely manner; its ability to raise additional capital if desired; Litigation and negative publicity related to US-listed companies based in China; Disruptions in 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, including how many COVID variants have emerged, and its potential impact on the company’s business and financial performance; and assumptions underlying or related to the foregoing. For more information about these and other risks, see the company’s filings with the SEC. All information in this press release and in the appendices is as of the date of this press release and the company assumes no obligation to update any forward-looking statements unless required by applicable law.