Close menuNewsProductsContactSend a ReleaseSign UpLog InResourcesBlogJournalistsRSSGDPR 3 News in Focus 5 Business & Money 5 Science & Tech 5 Lifestyle & Health 0 Policy & Public Interest 1 People & CultureSend a ReleaseSign UpLog InResourcesBlogJournalistsRSSGDPROverviewDistribution by PR NewswireCision IRSocialBoostAll ProductsSend a ReleaseSign Up Log InResourcesBlogJournalistsRSSGDPRGeneral InquiriesEditorial BureausPartnershipsMedia InquiriesSend a ReleaseSign UpLog InResourcesBlogJournalistsRSSGDPRClose submenu (News in Focus)News in FocusBrowse All News Multimedia Gallery Trending Topics Close submenu (Business & Money)Business & MoneyAuto & Transportation Business Technology Entertainment & Media Financial Services & Investing General Business Close submenu (Science & Tech)Science & TechConsumer Technology Energy & Natural Resources Environment Heavy Industry & Manufacturing Telecommunications Close submenu (Lifestyle & Health)Lifestyle & HealthConsumer Products & Retail Entertainment & Media Health Sports Travel Close submenu (Policy & Public Interest)Policy & Public InterestClose submenu (People & Culture)People & CulturePeople & Culture  Send a ReleaseoALL CONTACT INFOoContact Us888-776-0942 from 8 AM - 10 PM ETo OneConnect Announces Third Quarter and Nine Months Ended September 30, 2023 Unaudited Financial Results Share this articleShare toXNet Margin to Shareholders Improved to -10.8% for Third Quarter 2023SHENZHEN, China, Nov. 13, 2023 /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 its unaudited financial results for the third quarter and nine months ended September 30, 2023.Third Quarter 2023 Financial Highlights Revenue was RMB844 million as compared to RMB1,069 million for the same period of the prior year. Gross margin decreased slightly to 35.0% as compared to 35.1% for the same period of the prior year; non-IFRS gross margin increased 1.0 percentage point to 39.4% as compared to 38.4% for the same period of the prior year. Net loss attributable to shareholders was RMB91 million, as compared to RMB133 million for the same period of the prior year. Net margin to shareholders improved by 1.6 percentage points to -10.8% as compared to -12.4% for the same period of the prior year. Net loss per ADS, basic and diluted, was RMB-2.50 as compared to RMB-3.66 for the same period of the prior year.In RMB'000, except percentages and per ADS amountsThree Months Ended September 30YoYNine Months Ended September 30YoY2023202220232022Revenue Revenue from Ping An Group475,866599,408-20.6 %1,593,5151,830,690-13.0 % Revenue from Lufax60,970118,429-205,469354,892- 48.5 %42.1 % Revenue from third-party customers[1]306,761351,028-12.6 %943,9591,035,986-8.9 % Total843,5971,068,865-21.1 %2,742,9433,221,568-14.9 %Gross profit295,106374,663991,3391,133,946Gross margin35.0 %35.1 %36.1 %35.2 %Non-IFRS gross margin39.4 %38.4 %39.7 %39.1 %Operating loss(95,854)(154,878)(288,793)(787,391)Operating margin-11.4 %-14.5 %-10.5 %-24.4 %Net loss attributable to shareholders(90,901)(132,563)(281,366)(694,937)Net margin to shareholders-10.8 %-12.4 %-10.3 %-21.6 %Net loss per ADS2, basic and diluted(2.50)(3.66)(7.75)(19.00)[1] Third-party customers refer to each customer with revenue contribution of less than 5% of our total revenue in the relevant period. These customers are a key focus of the Company's diversification strategy.[2] In RMB yuan. Each ADS represents thirty ordinary shares. In December 2022, the Company effected an ADS ratio change to adjust its ordinary share to ADS ratio from one (1) ADS representing three (3) ordinary shares to one (1) ADS representing thirty (30) ordinary shares, or the Ratio Change. Except otherwise stated, the Ratio Change has been retrospectively applied for all periods presented in this press release.Chairman, CEO and CFO Comments"During the reporting period, we faced headwinds that resulted in a decline in our revenue." Said Mr. Shen Chongfeng, Chairman of the Board and Chief Executive Officer. "Several factors contributed to this decrease, including our proactive adjustment to the product mix, competitive pressures, and changing market conditions. However, it is crucial to note that our management actively implemented strategic measures to optimize cost structures and improve operational efficiency, which reduced the impact of the headwinds on our financial results."Mr. Shen Chongfeng further commented, "We will embrace challenges and opportunities that lie ahead. Our continued investment in technological innovation and organizational capability remains unchanged. We will continue to engage with third-party financial and strategic partners, enhance sales and marketing efficiency and expand our business opportunitie