Why OneConnect Financial Technology Crushed the Market on Friday
China-based OneConnect Financial Technology (NYSE: OCFT) shot nearly 13% higher on Friday on news that the company signed an agreement to provide "financial and smart supervision services" to the finance authority of Hainan, China's smallest and southernmost province. The company will also perform the same duties for Hainan Free Trade Port.
Image Source: Getty Images.
OneConnect didn't provide the financial details, the scope, or the duration of the arrangement. But considering that the agreement covers both the province's finance authority and the Free Trade Port -- the largest free trade port in China, according to OneConnect -- we can assume it's considerable.
Source Fool.com
