Why OneConnect Monetary Technology Rocketed 103.6{23996c8f5258275f450f40d5a867c22ad72c04895f28059581bc525cc6cb4bd0} Greater in 2020

What occurred

Shares of OneConnect Financial Technologies (NYSE: OCFT) rocketed 103.6{23996c8f5258275f450f40d5a867c22ad72c04895f28059581bc525cc6cb4bd0} bigger in 2020, according to details provided by S&P World wide Market Intelligence. The Chinese fintech participant actually experienced its IPO again in December of 2019, so 2020 marked its initial year as a public business. Like several computer software shares, OneConnect rocketed greater commencing in April, as investors predicted the acceleration of the electronic overall economy, which was quickly borne out by robust fiscal final results.

Image resource: Getty Photos.

So what

Though the COVID-19 pandemic induced the entire world financial system to plunge into a recession, with monetary companies pulling back again on lending and other activity, OneConnect still place up outstanding quantities, with earnings accelerating during the calendar year to very last quarter’s remarkable 50.7{23996c8f5258275f450f40d5a867c22ad72c04895f28059581bc525cc6cb4bd0} growth.

OneConnect offers software exclusively tailor-made to Asian fiscal institutions, throughout originations, hazard administration, functions, and cloud again-end solutions. Chinese financial establishments are somewhat beneath-penetrated in terms of digitization, so the growth prospects for OneConnect are tantalizing, as evidenced by its robust earnings expansion even in the midst of a pandemic.

Now what

OneConnect appears like a promising global development inventory that flies under the radar of a lot of U.S. traders. Whilst it is genuine that the enterprise nonetheless generates fairly hefty functioning losses, and depends on mother or father organization Ping An Insurance policies Enterprise of China (OTC: PNGAY) for a large chunk of small business, there’s no question it has a tantalizing industry possibility, and the industry took detect and applauded it during previous year.

10 shares we like far better than OneConnect Economical Technology Co., Ltd.
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Billy Duberstein owns shares of OneConnect Economic Technologies Co., Ltd. and Ping An Insurance policy Company of China. His clients may well personal shares of the businesses mentioned. The Motley Fool has no posture in any of the stocks talked about. The Motley Idiot has a disclosure coverage.

The sights and viewpoints expressed herein are the views and views of the creator and do not automatically reflect people of Nasdaq, Inc.

Rachel C. Carpenter

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