Shanghai Securities News China Securities Network News (Reporter Wei Qian) On the 14th, Lujin Holdings announced that the company has entered into a stock purchase agreement with OneConnect Financial Technology Co., Ltd. (as the seller) and Ping An OneConnect Bank (Hong Kong) Co., Ltd.
According to the agreement, the seller conditionally agrees to sell, and the company conditionally agrees to acquire the virtual bank through the sale and purchase of all the issued share capital of Jin Yi Tong Limited, the indirect holding company of the virtual bank (as the target company), in accordance with the terms and conditions of the stock purchase agreement, for a consideration of HKD 933 million in cash. After completion, the target company and other member companies of the target group will become subsidiaries of the company, and their financial statements will be incorporated into the accounts of the group.
Ping An One Account Bank is a fully licensed virtual bank with a service scope similar to traditional banks. As of June 30, 2023, the majority of Ping An One Account Bank's loan balance is supported by the Hong Kong Special Administrative Region Government's Small and Medium sized Enterprise Financing Guarantee Program, with a capital adequacy ratio of 100%.
It is reported that the acquisition plan is subject to approval by the Hong Kong Monetary Authority and the shareholders of OneConnect.