OneConnect Financial Technology Co., Ltd. (NYSE:OCFT) Q3 2022 Earnings Call Transcript

Shen Chong Feng: Yes, thank you, Tien, and our CFO, Luo Yongtao will take your first question.

Luo Yongtao: I will answer your question about our cash position. So as of the end of September, we now have around 23.7 billion of cash, around 420 million is at virtual bank PAOB and the rest is with our other entities. And we see significant improvement in our cash control measures. Firstly, we have narrowed our losses remarkably, and this has benefit our cash position Secondly, we also improve, increased our efforts in the collection of account receivables. As a result, we see decreased date of account receivables and shortened account age. At the same time, our other mergers in cash management have all paid off. So with sufficient cash position and sound business operation, we are confident that this cash will be enough to sustain us to midterms.

That is when we reach breakeven. So I’ll answer your second question about what has changed over the past year. I have three main messages. The first is that our products are more focused. The second is that we have broadened engagement with our customers. The third change is that we see lowered the cost and improved efficiency. As a result, we see significant improvements in our operational efficiency. Looking forward, we remain committed to our second stage strategy that is broadening customer engagement. And achieve product standardization, sales standardization, as well as delivery standardization. So that OneConnect will remain committed to our target of business, of achieving business plus technology. Thank you.

Operator: Those are all the questions we have time for today. So I will hand back to the management team for any concluding remarks.

Danielle Gao: Thank you everyone for joining this call today. Is there any question, please feel, feel free to contact our IR team. We appreciate your interest in following us and looking forward to speaking with you again. Thank you.

Operator: Thank you everyone for joining us today. This concludes our call. You may now disconnect your lines.