OneConnect, the loss-making fintech subsidiary of Chinese insurance giant Ping An Insurance (Group) Company of China, has begun the process of delisting from the Hong Kong and New York stock exchanges, following approval from the Grand Court of the Cayman Islands for its privatization.

Once hailed as the “first fintech stock,” OneConnect saw its Hong Kong listing withdrawn and was permanently suspended from trading on the New York Stock Exchange on Nov. 21, according to a company announcement. The delisting process is expected to be completed by Dec. 1.

The move comes six years after OneConnect’s NYSE debut in December 2019 and just over three years after its Hong Kong listing in July 2022. Once the privatization is finalized, Ping An will hold 100% ownership of the Shenzhen-based fintech firm.