(Yicai Global) Sept. 1 -- OneConnect Financial Technology, a subsidiary of China’s financial giant Ping An Insurance Group, has reported to the police a letter circulating online which accuses the technology-as-a-service provider of illegal acts such as financial fraud and commercial bribery.

OneConnect has clear strategies, stable business operation, true and accurate financial statements, and the report letter is not true, the Shenzhen-based TaaS said on its WeChat account late yesterday.

According to a report letter from Yonglin research circulated on social media, OneConnect forged its financial data from 2019, and over 200 VIP clients, involving CNY700 million (USD108.3 million), were manufactured, Securities Times reported yesterday.

The letter also noted that OneConnect didn’t inform its shareholders that Ping An, who holds over 30% shares of OneConnect, signed a share sale deal with HSBC. As soon as the two-year lock-up period expires, the Shenzhen-based insurance giant will clear its holdings.

Formed in December 2015, OneConnect went public on the New York Stock Exchange in September 2019. It is a business technology cloud service platform for financial institutions, and provides digital transformation solutions to financial institutions in banking, insurance, investment and other fields based on artificial intelligence, big data analysis, and blockchain technologies.

Ping An Insurance’s stock price [SHA:601318] rose as much as 4.2 percent to CNY52 (USD8.04) today. Its Hong Kong-listed shares [HKG:2318] also gained 3.6 percent to HKD62.55 (USD8.04). In pre-market trading in New York, the firm [NYSE:OCFT] ended up 8.8 percent at USD4.70.

Editor: Futura Costaglione