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OneConnect

Fintech / financial softwareChina
New to Unitard
🤝 Acquired
Peak $7.5 BillionToday
~-91%
from peak
  1. 🦄
    Became a unicorn
    2018
  2. 📈
    Peak valuation
    $7.5 Billion ’18
  3. 💔
    Became a Unitard
    2022
  4. 💸
    Last valuation
    ~$675M
Current status
Privatized by parent Ping An (Nov 2025) at a fraction of its peak; delisted from NYSE and HKEX.

The rise & fall

7 moments · 2015–2025

The key moments, with employee sentiment along the way.

2015
Spun out of Ping An
The insurance giant packages its cloud and AI stack to sell to other banks and insurers.
Wikipedia
2018
The peak: SoftBank round at ~$7.5B$7.5B
A SoftBank-led private round makes Ping An's fintech arm a $7.5B unicorn.
Reuters
Dec 2019
A down-round IPO
Lists on the NYSE at about $3.7B — roughly half the SoftBank price.
SEC filing
2020–22
The long slide
Heavy losses, retreating Ping An-affiliate customers and the China-ADR rout cut the stock more than 95%.
Bamboo Works
2022
Falls out of the club
Market value slips below $1B amid the ADR sell-off.
Bamboo Works
From the inside · Glassdoor reviews, 2020–24
Through the decline, Glassdoor reviews from the Singapore and Hong Kong offices described constant reorganizations, repeated layoffs and high turnover, with staff saying the top-down headquarters style fit local markets poorly.
Nov 2025
Taken private by parent Ping An
The buyout closes at a fraction of the peak; the shares leave the NYSE and HKEX.
Yicai

💬 entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗; dated facts carry their source.

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%. Ping An took the company private in November 2025 at a fraction of its peak.

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)

Who ran it

  • Chen Dangyang
    Executive Director, CEO & Chairman (from Feb 2025; led it into the Ping An privatization/delisting)
    No public profile matched
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