Chenyueya Lin's questions to OneConnect Financial Technology Co Ltd (OCFT) leadership • Q1 2024
Question
Chenyueya Lin of Morgan Stanley inquired about the reasons for the termination of the Gamma platform agreement with Ping An Group and its potential impact, and also requested a detailed breakdown of the financial effects from the divestiture of the PAOB (Ping An OneConnect Bank) business.
Answer
CFO Yongtao Luo explained that the Gamma platform change was due to a shift in Ping An's procurement strategy and assured that it would not affect other business areas or the company's core strategy. Regarding the PAOB sale, he confirmed the receipt of HKD 933 million in cash, an expected profit of RMB 262 million in Q2, and highlighted that the proceeds would provide working capital for future development.