OneConnect
- 🦄Became a unicorn2018
- 📈Peak valuation$7.5 Billion ’18
- 💔Became a Unitard2022
- 💸Last valuation~$675M
How it happened
OneConnect was the financial-technology arm of Chinese insurance giant Ping An, selling cloud and AI software to banks and insurers; a 2018 SoftBank-led round valued it around $7.5B. It listed on the NYSE in December 2019 at a reduced ~$3.7B, already a down round, then kept sliding as heavy losses, the retreat of its biggest customers (Ping An's own affiliates), and the China-ADR sell-off cut the stock more than 95%. Through the decline, Glassdoor reviews from its Singapore and Hong Kong offices described constant reorganizations, repeated layoffs, and high turnover, with staff saying a top-down HQ style fit local markets poorly. Ping An took the company private in November 2025 at a fraction of its peak.
Employee accounts paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗. See our methodology.
Source: Yicai / Bamboo Works / SEC (~$7.5B 2018 SoftBank-led private round; Dec 2019 NYSE IPO at ~$3.7B; stock -95%+; Ping An privatization at HKD 2.068/$7.98 per ADS, effective Nov 19 2025, delisted)