Why OneConnect Financial Technology Rocketed 103.6% Higher in 2020
What happened
Shares of OneConnect Financial Technology (NYSE:OCFT) rocketed 103.6% higher in 2020, according to data provided by S&P Global Market Intelligence. The Chinese fintech player actually had its IPO back in December of 2019, so 2020 marked its first year as a public company. Like many software stocks, OneConnect rocketed higher beginning in April, as investors anticipated the acceleration of the digital economy, which was soon borne out by strong financial results.
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So what
Although the COVID-19 pandemic caused the world economy to plunge into a recession, with financial companies pulling back on lending and other activity, OneConnect still put up impressive numbers, with revenue accelerating throughout the year to last quarter’s impressive 50.7% growth.
OneConnect offers software specifically tailored to Asian financial institutions, across originations, risk management, operations, and cloud back-end services. Chinese financial institutions are relatively under-penetrated in terms of