第一财经·2025-11-24 15:41Core Viewpoint - Financial One Account, a fintech company under Ping An, is officially delisting after receiving approval for its privatization plan from the Grand Court of the Cayman Islands, marking a swift exit from the public markets within just six years of its listing [3][4][6]. Group 1: Privatization Details - Financial One Account has withdrawn its listing status from the Hong Kong Stock Exchange and its American Depositary Shares (ADS) on the New York Stock Exchange have been permanently suspended, with the delisting process expected to complete by December 1 [3][4]. - The privatization offer was made by its controlling shareholder, Platinum Yu Limited, which is a subsidiary of Ping An, proposing to acquire all issued shares at HKD 2.068 per share, representing a premium of approximately 23.10% over the last trading price [4][5]. - The total cash required for the privatization is estimated at approximately HKD 1.689 billion, to be funded through internal cash resources and/or financing [5]. Group 2: Reasons for Delisting - The decision to privatize comes amid a broader trend of privatization in the Hong Kong market, where major shareholders believe that the market price does not reflect the company's value, allowing them to focus on long-term strategic development without the pressures of public market performance [8][9]. - Financial One Account's stock price has plummeted over 95% since its listing, attributed to low liquidity, reduced investor interest, and insufficient coverage from brokerage reports [10]. - The company has faced significant operational challenges, including a heavy reliance on Ping An for revenue, which has been criticized as a major weakness, and has struggled to increase third-party revenue despite efforts to do so [10][11]. Group 3: Financial Performance - Financial One Account's revenue from ongoing operations is projected to decrease by approximately 36.16% from FY2023 to FY2024, leading to increased operating losses [11]. - The company reported losses for both the previous fiscal year and the first half of the current year, failing to maintain profitability despite previous one-time gains from the sale of a virtual bank [11]. - The management aims to combine extensive industry knowledge with leading technology to enhance customer relationships and expand its ecosystem and overseas business, with plans to inject additional financial resources post-privatization [12].