OneConnect Financial Technology Co Ltd

NYSE:OCFTUnited States

OneConnect Announces 2024 Annual General Meeting Results

PR Newswire

SHENZHEN, China, May 28, 2024

SHENZHEN, China, May 28, 2024 /PRNewswire/ -- OneConnect Financial Technology Co., Ltd. ("OneConnect" or the "Company") (NYSE: OCFT and HKEX: 6638), a leading technology-as-a-service provider for financial services industry in China, today announced the results of its annual general meeting of shareholders held in Shenzhen on May 28, 2024.

Derivative financial assets 47,778 38,008 Restricted cash and time deposits with an initial term over three months 36,827 447,564 Cash and cash equivalents 1,252,102 1,379,473 3,879,100 5,358,968 Assets classified as held for sale 3,042,329 -- Total current assets 6,921,429 5,358,968 Total assets 8,141,666 8,068,358 EQUITY AND LIABILITIES Equity Share capital 78 78 Shares held for share option scheme (149,544) (149,544) Other reserves 11,000,514 10,989,851 Accumulated losses (7,977,948) (7,873,614) Equity attributable to equity owners of the Company 2,873,100 2,966,771 Non-controlling interests (25,658) (18,979) Total equity 2,847,442 2,947,792 Three Months Ended March 31 2024 2023 RMB'000 RMB'000 Trade and other payables 39,242 28,283 Contract liabilities 16,131 17,126 Deferred tax liabilities 1,299 2,079 Total non-current liabilities 56,672 47,488 Trade and other payables 2,175,142 1,981,288 Payroll and welfare payables 284,602 385,908 Contract liabilities 156,674 138,563 Short-term borrowings 162,068 251,732 Customer deposits -- 2,261,214 Other financial liabilities from virtual bank -- 54,373 2,778,486 5,073,078 Liabilities directly associated with assets classified as held for sale 2,459,066 -- Total current liabilities 5,237,552 5,073,078 Total liabilities 5,294,224 5,120,566 Total equity and liabilities 8,141,666 8,068,358 ONECONNECT CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Three Months Ended March 31 2024 2023 RMB'000 RMB'000 Net cash used in operating activities (115,236) (613,264) Net cash generated from investing activities 255,848 407,066 Net cash used in financing activities (100,971) (44,421) Net increase/(decrease) in cash and cash equivalents 39,641 (250,619) Cash and cash equivalents at the beginning of the period 1,379,473 1,907,776 Effects of exchange rate changes on cash and cash equivalents 1,777 (10,726) Cash and cash equivalents at the end of period 1,420,891 1,646,431 ONECONNECT RECONCILIATION OF IFRS AND NON-IFRS RESULTS FOR CONTINUING OPERATIONS (Unaudited) Three Months Ended March 31 2024 2023 RMB'000 RMB'000 Gross profit from continuing operations 272,403 334,657 Gross margin of continuing operations 37.7 % 37.4 % Non-IFRS adjustment Amortization of intangible assets recognized in cost of revenue 15,542 22,209 Depreciation of property and equipment recognized in cost of revenue 1,152 1,354 Share-based compensation expenses recognized in cost of revenue 228 436 Non-IFRS gross profit from continuing operations 289,325 358,656 Non-IFRS gross margin of continuing operations 40.0 % 40.1 %