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Another IPO Bites the Dust

TheMotleyFool

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Chinese unicorn (a start-up company worth at least $1 billion in market capitalization) OneConnect Financial Technology is looking less unicorn-y by the day.

The company's American depositary shares (ADS) are scheduled to begin trading on the New York Stock Exchange tomorrow, Dec. 13, under the symbol OCFT. However, it looks as if OneConnect's existing shareholders won't be too pleased: The company just lowered both the number of shares available, as well as its overall valuation -- and this was on top of an IPO price that had already been lowered from the company's ambitions earlier in the year.

OneConnect is a unit within Chinese insurance giant Ping An (OTC: PNGAY).

Source Fool.com

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