Actions of OneConnect Financial Technology (NYSE: OCFT) grew by 103.6% in 2020, according to data provided by S&P Global Market Intelligence. The Chinese fintech actor in fact had its IPO in December 2019, so 2020 marked its first year as a public company. Like many software stocks, OneConnect soared from April as investors anticipated the digital economy accelerating, which was quickly confirmed by strong financial results.
Although the COVID-19 pandemic has plunged the global economy into a recession, with financial companies pulling back on loans and other activities, OneConnect is still posting impressive numbers, with revenues accelerating throughout the year. year to achieve the impressive growth of 50.7% last quarter.
OneConnect offers software specially adapted to Asian financial institutions, through arrangements, risk management, operations and back-end cloud services. Chinese financial institutions are relatively under-penetrated in terms of digitization, so OneConnect’s growth prospects are rosy, as evidenced by its strong revenue growth even in the midst of a pandemic.
OneConnect seems to be a promising solution international growth stock which goes under the radar of many American investors. While it is true that the company still generates fairly significant operating losses, and depends on the parent company Ping An Insurance Company of China (OTC: PNGAY) For a large chunk of companies, there is no doubt that this is a tantalizing market opportunity, and the market has taken notice and applauded it throughout the year. last.
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