Stock Alert: OneConnect Financial Up 5% On Narrower Q1 Loss, Higher Revenues
Shares of OneConnect Financial Technology Co., Ltd. (OCFT) are up 5 percent on Wednesday’s trading as the Chinese company reported narrower loss in the first quarter.
OneConnect Financial posted net loss of RMB 305 million in the first quarter, lower than net loss of RMB 415 million in the year-ago quarter. On a per ADS basis, net loss was RMB 0.83, compared to RMB 1.20 last year.
Revenues climbed 41.1 percent to RMB 820 million from RMB 581 million in the prior-year quarter.
The stock was trading at $14.05, up $0.69 or 5 percent on the NYSE.
OCFT has traded between $11.98 and $28.80 during the past 52 weeks.
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