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ONECONNECT FINANCIAL TECHNOLOGY CO., LTD. reported a significant decline in financial performance for the six months ended June 30, 2025, with revenue from continuing operations decreasing by 43.4% and gross margin falling to 26.1%. The loss from continuing operations attributable to shareholders increased to RMB78.5 million.
The substantial decrease in revenue was primarily due to a 99.6% decline in revenue from the cloud services platform, which the company decided to gradually discontinue from July 2024 onwards after certain Ping An Group subsidiaries ceased utilizing these services.
The company is currently undergoing a privatization process, with a proposal announced on May 15, 2025. Regulatory approval was obtained on July 9, 2025, and a Transaction Statement on Schedule 13E-3 was filed with the SEC on July 18, 2025, with an amendment filed on August 15, 2025.
The financial performance highlights for the six months ended June 30, 2025 and 2024 are as follows:
| Metric | H1 2025 | H1 2024 |
|---|---|---|
| Revenue from continuing operations (RMB Thousands) | 801,157 | 1,415,769 |
| Gross margin of continuing operations (%) | 26.1 | 37.1 |
| Loss from continuing operations attributable to shareholders (RMB Thousands) | (78,495) | (70,485) |
| Loss from continuing operations per ADS (RMB) | (2.16) | (1.94) |
Quarterly earnings call transcripts for ONECONNECT FINANCIAL TECHNOLOGY.
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