Softbank to Face Valuation Cut in OneConnect IPO
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Masayoshi Son, head of Japanese conglomerate Softbank, is facing another valuation cut in one of his investments.
Ping An Insurance’s OneConnect Financial Technology Co. launched its $500 million U.S. initial public offering on Tuesday at a much reduced valuation compared with its last funding round in which SoftBank participated in 2018. This latest sale comes just a couple of months after the investment powerhouse saw the value of one of its most high-profile investments, WeWork, tumble from $47 billion to less than $8 billion.