Why Shares of OneConnect Financial Tech Are Falling Today

·2 min read
Why Shares of OneConnect Financial Tech Are Falling Today

Analysts at Morgan Stanley also downgraded the stock. OneConnect, which provides a technology-as-a-service platform for Chinese financial institutions, reported diluted earnings per share equivalent to a loss of nearly $0.05 on total revenue equivalent to $149.7 million. "The management team worked diligently in the second quarter, to address changes from further regulatory tightening, the shift in customer needs and the operating environment," Ye Wangchun, chairman and CEO of OneConnect, said in a statement.

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