金融壹账通IPO招股书.pdf

g29g10g14g3g14g3g44g15g15g16g1Cg1Cg19g18g5Dg49g10g14g11g4Bg57g50g3g29g10g14g3g38g56g48g3g57g4Bg48g56g48g3g4Fg4Cg51g4Eg56g3g57g52g3g55g44g53g4Cg47g4Fg5Cg3g55g48g59g4Cg48g5Ag3g57g4Bg48g3g47g52g46g58g50g48g51g57g37g24g25g2Fg28g3g32g29g3g26g32g31g37g28g31g37g3g2Cg31g27g28g3Bg3g37g32g3g26g32g31g36g32g2Fg2Cg27g24g37g28g27g3g29g2Cg31g24g31g26g2Cg24g2Fg3g36g37g24g37g28g30g28g31g37g36Table of ContentsAs led with the Securities and Exchange Commission on November 13, 2019Registration No. 333- SECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549FORM F-1REGISTRATION STATEMENTUNDERTHE SECURITIES ACT OF 1933ONECONNECT FINANCIAL TECHNOLOGY CO., LTD.(Exact name of Registrant as specied in its charter)Not Applicable(Translation of Registrants name into English)Cayman Islands(State or other jurisdiction ofincorporation or organization)7370(Primary Standard IndustrialClassication Code Number)Not Applicable(I.R.S. EmployerIdentication No.)55F, Ping An Financial CenterNo. 5033 Yitian Road, Futian DistrictShenzhen, GuangdongPeoples Republic of China+86-21-2066-0625(Address, including zip code, and telephone number, including area code, of Registrants principal executive ofces)Cogency Global Inc.10 East 40th Street, 10th FloorNew York, N.Y. 10016+1 (800) 221-0102(Name, address, including zip code, and telephone number, including area code, of agent for service)Copies to:Jeffrey D. Karpf, Esq.Cleary, Gottlieb,Steen these compare to US$98.2 trillion of totalassets and US$3.0 trillion of revenue for the nancial services industry in the United States. Driven by Chinas robust GDP growth, its nancial servicesindustry will grow at a steady CAGR of 12.0% from 2018 to 2023, according to Oliver Wyman. At the same time, Chinas nancial services industry isexperiencing challenges: Customer preference: technological changes, including widespread use of mobile technologies and rapidly expanding data availability, haveled to customers evolving preferences for easy access to quality nancial services and efcient nancial transactions. Structural shift: transitions within the Chinese economy that are shifting the growth focus of the nancial services industry from largecorporates towards the underpenetrated retail and SME segments, which are expected to experience strong growth.2Table of ContentsTo address challenges and capture new opportunities, Chinese nancial institutions must undertake digital transformations to adopt new businessmodels that include: Digitally-enabled distribution capabilities. Because their end-customers have become more digitally savvy, Chinas nancial institutionsneed new tools to engage with, manage and cross-sell to their end-customers. Data-driven risk management. Financial institutions must use data-driven analytic approaches to effectively and efciently assess theircustomers credit risk. High quality “anytime anywhere“ services. Increasing digital competition has made traditional ofine-based customer service approachesunsustainably inconvenient and costly. Changing customer expectations and efciency requirements now require Chinese nancialinstitutions to provide an online-to-ofine omni-channel platform across their operations. Efciency requirements and the quick turn-aroundtimes demanded by customers will require nancial institutions to adopt digital analytical tools. Digitalized management and operations. To cost-effectively enable these new business models, Chinese nancial institutions will need tooperate in a truly digital way, replacing their current paper- and people-intensive processes and legacy infrastructure.Most nancial institutions cannot support digital transformation on their ownTo resolve their pain points, Chinas nancial institutions must undertake transformations to structurally enhance their competitiveness. The onlyeffective way to achieve these transformations will be applying technology integrated with industry expertise. It would be a long and expensive process forChinas nancial institutions to do this on their own, especially because: Prohibitive investment requirements. The worlds top nancial institutions have made substantial investments on technology in recent years.For example, the worlds top three banks by total assets alone spent US$19 billion collectively in 2018; Ping An Group spent US$1.4 billionon technology in 2018. Most nancial institutions cannot afford long-term investments of this scale. Scarcity of talent. Digitalization requires large teams of interdisciplinary talent. For example, on average 15-20% of the workforce at the topve global nancial institutions outside of China by total assets were in technology-focused jobs. In comparison, Chinas banks on averagehave only 3-5%, according to the China Banking and Insurance Regulatory Commission, or the CBIRC. Identifying talent with bothtechnological skills and nancial domain knowledge is particularly difcult. Limited application scenarios and data. Software developers may lack the application scenarios and data needed to develop sophisticatedindustry-specic solutions for nancial services. Although nancial institutions have large amounts of data, they may not be able to use thesedata effectively because they are unstructured and unconnected across different legacy systems.There are massive market opportunities for technology-as-a-service providersWe believe that external technology platforms provide a proven means for nancial institutions to upgrade their revenue-generating and operatingcapabilities. Platforms that integrate extensive industry knowledge and technology excellence are scarce, which well positions us to capture this fast-growing, underpenetrated market.The total market opportunity for the technology spending of nancial institutions includes spending on software and IT solutions, internal services, datacenter systems, and business solutions. Oliver Wyman estimates that the technology spending market for Chinese nancial institutions wasRMB152.2 billion3Table of Contents(US$21.3 billion) in 2018 and that it is expected to grow at a CAGR of 21.4% to RMB400.8 billion (US$56.1 billion) in 2023.Our Platform and ProductsWe provide holistic coverage of nancial services verticals with end-to-end technology solutionsWe are the largest technology-as-a-service platform for nancial institutions in China by number of customers, according to Oliver Wyman. Ourplatform provides more than 50 cloud-native products that can be deployed on a modular basis to quickly respond to customer requirements or combined todeliver end-to-end solutions. Our twelve technology solutions strategically cover multiple verticals in the nancial services industry, including banking,insurance and asset management, across the full scope of their businessesfrom sales and marketing and risk management to customer services andoperations, as well as technology infrastructure such as data management and cloud services.The matrix below sets forth the twelve solutions we currently offer across the nancial services industry verticals we serve and two solutions that weexpect to offer in the near future.4