OneConnect, the fintech business of China-based insurer Ping An Insurance, has filed an initial public offering (IPO) in New York to raise $100m and list its shares on NASDAQ stock exchange.

Through the IPO, the fithech company aims to raise $100m; however, it is a placeholder amount that can potentially change.

According to a Bloomberg February report, OneConnect previously planned to list its share in Hong Kong to raise around $1bn at a valuation of approximately $8bn. However, it changed its mind and opted for a New York listing.

OneConnect has selected J.P. Morgan Securities, Morgan Stanley, Ping An of China Securities (Hong Kong) and Goldman Sachs (Asia) to serve as active joint bookrunners.

HSBC Securities and BofA Securities will work as passive joint bookrunners, while CLSA along with KeyBanc Capital Markets will serve as co-managers for the proposed offering.

OneConnect, which was founded in 2015, offers cloud computing and other technology services to small- and medium-sized (SMEs) financial organisation.

The company backed by SoftBank’s Vision Fund, serves over 460 banks and more than 1,800 other financial services companies including insurers, brokerages, fund managers and private-equity houses.

Last year, Ping An spun off and floated Ping An Healthcare and Technology Co, which operates as Good Doctor and offers technology platforms leveraged by insurers, hospitals as well as pharmacies.

In January 2019, Ping An Property and Casualty Insurance Company of China (Ping An P&C) launched a credit based smart auto claim solution for car owners.

Using the new solution, the car owners can file claims in hassle-free manner besides promoting good driving habits.